KFA ANNUAL REPORT-4

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1 BOARD OF DIRECTORS Dr. Vijay Mallya Chairman CEO Mr. S. R. Gupte Vice Chairman Mr. A. K. Ravi Nedungadi Mr. Vijay Amritraj Mr. Anil Kumar Ganguly Mr. Piyush G. Mankad Diwan Arun Nanda Mr. Ghyanendra Nath Bajpai CHIEF FINANCIAL OFFICER Mr. A. Raghunathan CHIEF LEGAL OFFICER COMPANY SECRETARY Mr. Bharath Raghavan AUDITORS M/s. B. K. Ramadhyani Co. Chartered Accountants 4B 4 th Floor 68 Chitrapur Bhavan 8 th Main 15 th Cross Malleswaram Bangalore – 560 055 REGISTERED OFFICE UB Tower Level 12 UB City 24 Vittal Mallya Road Bangalore – 560 001

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2 Report of the Directors To The Members Your Directors present the 15th Annual Report along with the Audited Accounts of your Company for the year ended March 31 2010. Operations Your Company’s operations during the year ended March 31 2010 have resulted in: Rs. in millions Year ended March 31 2010 Year ended March 31 2009 Gross Income 52710 53026 Earnings before financial charges lease rentals depreciation amortization and taxes EBITDAR 3976 5579 Add / Less : Depreciation Amortisation 2173 1716 Lease Rentals 10938 11851 Financial charges 10965 7786 Loss before taxes 20100 26932 Provision for taxes incl. FBT 7707 5464 Net Profit / Loss from ordinary activities after tax 12393 21468 Foreign exchange translation difference 502 2447 Exceptional Item 3577 2375 Effect of change in method of accounting Maintenance Rent upto March 31 2008 - 5308 Net Loss after tax 16472 16088 Scheduled Airline Operations Your Company is the largest player in the Indian domestic aviation sector and during the year under review had the widest reach covering more destinations and carrying more passengers than any other domestic carrier. During the year under review your Company had a domestic market share of 22.9 and carried more than 11 million passengers across both domestic and international sectors with a year ending overall fleet of 68 aircraft having an average schedule of 366 domestic and 12 international flights daily and a route network as on March 2010 covering 63 domestic and 7 international destinations. Whilst your Company’s operations has been reflective of the shift in capacity to the low fare model in line with economic environment your Company continues to offer the following world class services :  Kingfisher First – Premium Business class of service  Kingfisher Class – Premium Economy class of service  Kingfisher Red – Low fare class of service comparable to the Economy class of service in other full fare airlines During the year under review your Company returned 5 Airbus A320 aircraft 4 ATR-42 aircraft and 1 ATR-72 aircraft consequent upon the route rationalization program initiated with a view to maximize operational synergies and cost savings. This resulted in a 17 2.953 million seats drop in capacity deployed over FY 2009. Despite the drop in capacity by 17 your Company’s passenger count decreased by only 2. During the year under review your Company undertook a gradual expansion in its international operations through introduction of new wide body routes to Hong Kong Singapore and narrow body routes to Dubai Bangkok and Dhaka. Your Company also achieved the highest market share on the Mumbai-Singapore and Mumbai-Hong Kong sector in less than one year of launch of these sectors. Major initiatives were undertaken during the year in respect of distribution costs fuel management system aircraft utilization and general contracts in order to enforce cost competitiveness. To enhance your Company’s consumer connect your Company also undertook various marketing and commercial initiatives including tie-ups with corporate houses to get premium business and launched campaigns like the "Onestop Connect" to leverage and promote your Companys network. During the year under review your Company won coveted world airline awards including “Five Star” from Skytrax. Your Company is one of just six airlines worldwide to belong to the top tier Five Star airline ranking and continues to be India’s only Five Star Airline rated by Skytrax for three years in a row. In view of operating losses incurred during the year your Directors do not recommend payment of any dividend.

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3 Report of the Directors Contd. Subsidiaries The statement of your Company’s interest in its only subsidiary Vitae India Sprits Limited as at March 31 2010 prepared in accordance with the provisions of Section 2123 of the Companies Act 1956 is attached to the Balance Sheet. Outlook Your Company is India’s single largest domestic carrier by passengers flown and cities served. Despite aggressive capacity reduction in the year under review your Company has continued to enjoy leadership whilst having a wide network in India covering more than 90 of the addressable passenger base. The country’s economy is showing signs of recovery with GDP growth estimates climbing back to over 8. Passenger traffic is buoyant in current year backed by improvements in the macro-economic environment and revival in most industry sectors. The domestic seat capacity is expected to expand lower than the growth in demand enabling improved load factors for the aviation industry. Infact your Company has achieved seat factors in excess of 75 in the current year. Your Company’s international operations are fast moving towards stabilization. To further improve consumer connect various marketing initiatives including enhanced customer loyalty programs have been undertaken by your Company. Your Company is set to join oneworld the world’s leading quality airline alliance bringing together 11 of the world’s biggest and best names in the airline industry such as American Airlines British Airways Cathay Pacific Finnair Iberia Japan Airlines LAN Malév Mexicana Qantas and Royal Jordanian. Your Company is optimistic of improved performance in the current year primarily driven by growth in premium traffic and significant reduction in costs. Capital During the year under review your Company’s Authorised Share Capital was increased from Rs. 5000000000 Rupees Five Hundred Crores only to Rs. 10000000000 Rupees One Thousand Crores only comprising of 900000000 Ninety Crores Equity Shares of Rs. 10/- each and 10000000 One Crore Preference Shares of Rs. 100/- each. The Issued Subscribed and Paid-up Equity Share Capital of your Company remained unchanged at Rs. 3629088830 divided into 265908883 Equity Shares of Rs. 10/- each and 9700000 6 Redeemable Non-Cumulative Preference Shares of Rs. 100/- each. Depository System The trading in the equity shares of your Company is under compulsory dematerialization mode. As of date equity shares representing 97.62 of the equity share capital are in dematerialized form. As the depository system offers numerous advantages members are requested to take advantage of the same and avail of the facility of dematerialization of your Company’s shares. Auditors’ Report As regards observations in para 4 of Auditors’ Report the Statutory Auditors have qualified their report by remarking that the receipt of subsidy from aircraft manufacturers should be recognized as income on a systematic basis over the period necessary to match them with related costs which they are intended to compensate though the accounting treatment does not appear to be covered by the Accounting Standard AS-19 Accounting for Leases issued by the Institute of Chartered Accountants of India. In the opinion of the Directors: 1 The lessor of the Aircraft is a person other than the Aircraft manufacturer and the lease contract is independent of the contract with Aircraft manufacturer. 2 The termination if any of the lease contract does not in any event breach the conditions for the grant of subsidy by the Aircraft manufacturer. 3 The subsidy value referred to in Para 4 of the Audit Report have been received by the Company during the 15 months period ended June 30 2006. As per Section 28 iv of the Income Tax Act 1961 and precedents available under Income Tax laws including pronouncements of the Apex Court the revenue arising out of support packages will be treated as income for taxation purposes and therefore it would not be prudent for your Company to treat the said revenues differently in the books of Accounts and for taxation purposes.

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4 Report of the Directors Contd. 4 In the event of non compliance of the contract with the Aircraft manufacturer the resultant possibility of recovery of subsidy granted by the Aircraft manufacturer has been disclosed as contingent liability and this accounting treatment adopted by your Company is also based on the well established principle of differentiation of revenue receipt and capital receipt. In view of the above in the opinion of your Company the accounting treatment of the support package received from the Aircraft manufacturer as Income in the year of accrual and receipt is in order. The fair market value of these Aircraft is not easily ascertainable due to the unique specifications of the Aircraft. Therefore the management has obtained the valuation report for Aircraft of similar type from a leasing company to ascertain the fair market value which is higher than the sale price of these Aircraft. This is also supported by the fact that the insurance value to be covered as per respective Lease Agreement is much more than the sale value of the Aircraft. As regards the observations in para 6 of the Auditors’ Report your Company has adopted the Exposure draft on Accounting Standard – 10 Revised ‘Tangible Fixed Assets’ which allows such costs on major repairs and maintenance incurred to be amortized over the incremental life of the asset. Your Company has extended the same treatment to costs incurred on major repairs and maintenance for engines pertaining to aircrafts acquired on Operating Lease. As regards the observations in para 13a of the Auditors’ Report the Note number 18 to Notes to Accounts Schedule 21 is self explanatory. As regards the observations in the Annexure to the Auditors’ Report your Company has taken/ is taking necessary steps to ensure improvement in certain procedures and also compliance with relevant laws. Directors Mr. Vijay Amritraj Mr. Anil Kumar Ganguly and Mr. Piyush Mankad Directors retire by rotation and being eligible offer themselves for reappointment. During the year under review Capt. G. R. Gopinath and Capt. K. J. Samuel have resigned from the Board of Directors of your Company effective March 23 2010. Auditors M/s. B. K. Ramadhyani Co your Company’s Auditors have confirmed that they are eligible for re-appointment at the ensuing Annual General Meeting and it is proposed to re-appoint them and to fix their remuneration. Listing of Shares of Your Company The equity shares of your Company are listed on the Bombay Stock Exchange Limited and The National Stock Exchange of India Limited. The listing fee for the year 2010-11 has been paid to these Stock Exchanges. Corporate Governance A report on Corporate Governance is annexed separately as part of this Report along with a certificate of compliance from a Company Secretary in practice. Necessary requirements of obtaining certifications/ declarations in terms of Clause 49 have been complied with. Management Discussion and Analysis Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges the Management Discussion and Analysis Report is annexed and forms an integral part of the Annual Report. Human Resources Employee relations remained cordial. The information as are required to be provided in terms of Section 2172A of the Companies Act 1956 read with the Companies Particulars of Employees Rules 1975 have been included as an annexure to this report. Employee Stock Option Plan ESOP Disclosures as required by Clause 12 of the SEBI Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines 1999 are annexed to this Report. Conservation of Energy Research and Development Technology Absorption Foreign Exchange Earnings and Outgo The particulars as prescribed under section 2171e of the Companies Act 1956 and the rules framed thereunder are not applicable to your Company. The relevant information relating to Foreign Exchange Earning and Outgo appears in the Notes Nos. 8 to 10 of Schedule 21 to the Financial Statements.

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5 Report of the Directors Contd. Directors’ Responsibility Statement Pursuant to Section 2172AA of the Companies Act 1956 in relation to the Financial Statements of your Company for the year ended March 31 2010 the Board of Directors reports that: in the preparation of the Accounts for the year ended • March 31 2010 the applicable accounting standards have been followed along with proper explanation relating to material departures accounting policies have been selected and applied • consistently and that the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at March 31 2010 and of the Loss of your Company for the year ended March 31 2010 proper and sufficient care has been taken for the • maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities the accounts for the year ended March 31 2010 have • been prepared on a going concern basis. Thank You Your Directors place on record their sincere appreciation for the continued support from shareholders customers the Government of India especially the Ministry of Civil Aviation and the Directorate General of Civil Aviation the various State Governments Airports Authority of India banks and financial institutions suppliers other business associates and employees. For and on Behalf of the Board of Directors Mumbai Dr. Vijay Mallya July 22 2010 Chairman CEO

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6 ANNEXURE TO DIRECTORS REPORT STATEMENT OF PARTICULARS OF EMPLOYEES AS REQUIRED UNDER SECTION 217 2A OF THE COMPANIES ACT 1956 AND COMPANIES PARTICULARS OF EMPLOYEES RULES 1975 Employed throughout the year and in receipt of remuneration in aggregate of not less than Rs. 2400000 per annum SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS DATE OF COMMENCEMENT OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 1 A. NAVEEN RAJ 29 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 6 01.02.2006 Jet Airways 2 A. P. REDDY 50 SHIFT IN-CHARGE 2937360 Intermediate + Diploma in Mechanical Engineering 27 01.01.2009 Jagson Airlines Ltd. 3 A. RADHAKRISHNAN 63 DGM - IFE Cabin 3626160 B. Sc Engineering 37 16.11.2006 Jet Airways 4 A.S. PEDNEKAR 50 CHECK PILOT 5794041.81 B.A. 28 09.05.2005 Air Deccan 5 AADITIYA J. GARG 27 CAPTAIN 3581445.58 10+2 ATPL 3 10.04.2007 Deccan 6 ABHIJEET ULHAS PARAN 29 AIRCRAFT MAINTENANCE ENGINEER 2460735 DIPLOMA AME 5 15.05.2004 Jet Airways 7 ABHILASH SAGI 28 Co-Pilot 2439030 CPL 4 29.07.2006 Deccan 8 ABHINAV DEV SHARMA 28 CHECK PILOT 5509717.67 B. Sc 4 06.08.2005 Jet Airways 9 ABHISHEK BHANDARI 33 CAPTAIN 5167401.33 10+2 ATPL 11 01.04.2005 Air Deccan 10 ABHISHEK KADIAN 26 CO-PILOT 2440591.97 10 +2 CPL 6 06.05.2006 Air Deccan 11 ABHISHEK SAHAY 31 TRANSITION CAPTAIN 2993908 10+2 ATPL 9 18.05.2005 Air Deccan 12 ABID SAYED 34 CHECK PILOT 6089387.67 10+2 ATPL 12 19.08.2006 IAF 13 ACHOUR MANARI 46 CAPTAIN 3213736 ATPL 24 01.07.2007 Air Algeria 14 ADESH PAL SINGH 40 AIRCRAFT MAINTENANCE ENGINEER 2409360 AME Diploma 18 06.12.2006 Spice Jet 15 ADIT GUPTA 27 CAPTAIN 5380549 10+2 ATPL 7 09.09.2005 Air Deccan 16 ADITYA SHETTY 26 CO-PILOT 2435170 10 +2 CPL 3 27.08.2007 Fresher 17 AHMAD ASAD IMAM 32 AIRCRAFT MAINTENANCE ENGINEER 2787810 DIPLOMA AME 10 30.06.2006 Kingfisher 18 AJAY KANNAN 28 TRANSITION CAPTAIN 2594764.56 CPL 6 01.11.2006 Deccan 19 AJAY KUKREJA 48 INSTRUCTOR 6279065 10+2 ATPL 29 14.05.2004 Air Deccan 20 AJAY MISRA 50 CAPTAIN 5509014.33 ATPL 25 22.10.2008 Air Sahara 21 AJAY SURTI 34 Maintenance Controller 2649360 AME Diploma B.Sc 12 14.07.2005 Jet Airways 22 AJEET OKA 54 CAPTAIN 5835597.33 10+2 ATPL 35 19.06.2004 Air Deccan 23 AJIT KUMAR SINGH 55 Captain 5359564 HSC 30 03.01.2005 IAF 24 AJIT V. BHAGCHANDANI 38 VICE PRESIDENT - IN-FLIGHT 3879360 B. Sc 16 01.02.2005 Qatar Airways 25 AKASH JAIN 34 CAPTAIN 3028134.34 10+2 ATPL 12 04.05.2007 Air Deccan 26 AKHILESHWAR KUMAR 34 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 12 20.01.2006 Fresher 27 AKSHAY K CHANDAVAR 32 CO-PILOT 2425180 10 +2 CPL 10 14.08.2007 Air Deccan 28 AKSHAY RENAVIKAR 43 CAPTAIN 5789779 HSC 21 03.01.2005 Jet Airways 29 ALANGIAM PAULRAJ KALAICHEL VAN 53 Captain 5724724.33 MSC 27 27.06.2005 Air Deccan 30 ALEJANDRO LONGAS PAL 47 CAPTAIN 6572993.23 ATPL 25 20.09.2005 AIR ACES 31 ALFREDO FEDERICO GUT 50 CAPTAIN 6714983 ATPL 28 24.05.2006 AIR ACES 32 ALI MUKARRAM SURURY 46 CAPTAIN 5116733.33 AME Diploma 24 12.05.2008 Indian Airlines 33 ALMASOOD QURESHI 42 SR. CO-PILOT 2844082.54 10+2 A TPL 20 23.08.2005 Air Deccan 34 ALOK SINGH 37 CAPTAIN 4958318.33 ATPL 15 08.05.2006 Drake Aviation Academy Springdale 35 ALTAF Z. MUKADDAM 38 GM - IT APPLICATION MANAGEMENR CORPORATE MIS 3189360 BTECH 16 01.12.2008 Qatar Airways 36 AMAR BHATIA 37 CAPTAIN 5236178.33 B.Com 15 07.01.2008 Air Sahara 37 AMAR DEEP 39 Aircraft Maintenance Engineer 2708385 DIPLOMA AME 17 20.01.2006 Deccan 38 AMIT BAJAJ 43 CHECK PILOT 6204727 HSC 21 01.02.2005 Air Sahara 39 AMIT CHAKRABORTY 38 CAPTAIN 3363711.07 ATPL 16 22.10.2007 Alliance Air 40 AMIT KAPOOR 32 CAPTAIN 4967318.18 10+2 ATPL 10 14.02.2007 IAF 41 AMIT KUMAR 27 CO-PILOT 2404370 10 +2 CPL 3 30.07.2007 Fresher 42 AMIT KUMAR BANSAL 30 CAPTAIN 5363837.33 10+2 ATPL 8 04.12.2003 Air Deccan 43 AMIT KUMAR CHOUDHARY 28 Aircraft Maintenance Engineer 2424510 DIPLOMA AME 4 20.01.2006 Fresher 44 AMIT SINGH K. KANDHARI 35 SR. AIRCRAFT MAINTENANCE ENGINEER 2543985 AME Diploma B.Sc 13 10.01.2005 Sahara Airlines 45 AMITAV MISHRA 37 CO-PILOT 2483980 10 +2 CPL 15 27.10.2005 Air Deccan 46 AMOL NAGARKATTI 47 SR. MANAGER - MCC 3657360 AME Diploma B.Sc 25 06.07.2006 Qatar Airways 47 AMRIT RAJ MAHARJAN 40 CAPTAIN 8943449 ATPL 18 01.06.2007 Air Deccan 48 AMRITA G PEREIRA 31 CAPTAIN 5382906 10+2 ATPL 9 16.09.2003 Air Deccan 49 ANANT VARMA 40 CO-PILOT 2487392.85 10 +2 CPL 18 08.06.2005 Air Deccan 50 ANDREW MOLETA MMOPI 46 CAPTAIN 4050465 ATPL 24 01.06.2007 Air Botswana 51 ANGEL ARMANDO BARCEN 44 CAPTAIN 7310530.840 ATPL 22 31.03.2006 AIR ACES 52 ANIL CHOPRA 50 CAPTAIN 5204508.67 10+2 ATPL 30 01.05.2004 Air Deccan 53 ANIL KUMAR PATRA 38 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 16 01.10.2004 Air works 54 ANIL KUMAR SINGH 42 SR. MANAGER - BASE MAINTENANCE 3657360 Aircraft Maint. Engineering 20 27.02.2006 Jet Airways 55 ANIL T. PEETHAMBARAN 43 Shift In-Charge 2649360 AME Diploma Bachelors degree in Mathematics 21 20.03.2006 Air Sahara 56 ANIL THARANI 55 CAPTAIN 5116639 10+2 ATPL 35 03.04.2004 Air Deccan 57 ANIRUDH SINH GOHIL 36 CO-PILOT 2732806 10 +2 CPL 14 06.06.2005 Air Deccan 58 ANISHA SURESH 42 Co-Pilot 2408138 CPL 20 29.09.2005 IAF 59 ANJUM NABI AZMI 61 CAPTAIN 5068868.67 B.A. LL.B / MBA 41 15.10.2007 Indian Airlines 60 ANKIT YADAV 22 CO-PILOT 2450520 CPL 3 22.02.2007 Fresher 61 ANNU PRAVIN GAIKWAD 29 TRANSITION CAPTAIN 2912641.67 10+2 ATPL 9 16.07.2007 Air Deccan 62 ANSHU SAGAR KALRA 48 INSTRUCTOR 6156828.33 Bsc 26 09.05.2005 IAF 63 ANSHU SARIN 36 VP-GUEST LOYALTY KF HOLIDAYS 3409440 Hotel Mgmt Degree 14 22.01.2007 Jet Airways 64 ANSHUMAN AGARWAL 38 AIRCRAFT MAINTENANCE ENGINEER 2710410 DIPLOMA AME 16 23.06.2003 T aneja Aerospace 65 ANTIONE DIADHIOU 60 CAPTAIN 6128423 ATPL 38 10.01.2006 ASCENA AIR 66 ANTONY JEEVAN FERNANDES 33 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 11 20.06.2006 Jet Airways 67 ANUP GHOSH 52 CAPTAIN 4170360 ATPL 30 09.01.2009 IAF 68 ANUPRITA MAGAR 32 CAPTAIN 5353416 10+2 ATPL 10 29.09.2003 Air Deccan 69 ANURAG KHARE 34 Sr . Aircraft Maintenance Engineer 2817360 AME Diploma B.Sc 12 21.02.2005 Air Sahara 70 ARJUN DAYAKAR 33 CAPTAIN 5438658 10+2 Maths physics chemistry 11 05.12.2005 Jet Airways 71 ARJUN SAREEN 22 CO-PILOT 2427310 10 +2 CPL 3 30.04.2007 Fresher 72 ARMANDO BENJAMIN HERNANDEZ DUENAS 48 CAPTAIN 6591110 ATPL 26 01.06.2007 T aca International Airlines 73 ARMANDO R AGUILAR 61 CAPTAIN 7800115 ATPL 39 01.06.2007 T aca International Airlines 74 ARMIN ERIC KNIELE 42 CAPTAIN 10990280 ATPL 20 04.05.2008 China Airlines 75 ARPIT CHHATWAL 23 CO-PILOT 2482346.66 10 +2 CPL 3 10.12.2007 Fresher 76 ARPIT SHAH 31 CAPTAIN 5149665.33 10+2 ATPL 9 01.04.2005 Air Deccan 77 ARSHDEEP SINGH 30 CO-PILOT 2533170 CPL 8 01.04.2008 Fresher 78 ARVIND KUMAR RAI 34 AIRCRAFT MAINTENANCE ENGINEER 2429235 AME Diploma 12 01.01.2005 Jagson Airlines 79 ARVIND TALWAR 45 CAPTAIN 5518240 B.Sc. 23 07.03.2006 Indian Navy 80 ASGER S. VASOWALA 41 SHIFT IN-CHARGE 2937360 B.E. Electronics 19 10.01.2005 Air Sahara 81 ASHISH AGARWAL 32 CHECK PILOT 5974144 Intermediate 10 03.01.2006 Alliance Air 82 ASHISH BERRY 39 CAPTAIN 5436767.33 ATPL 17 09.06.2008 JetLite 83 ASHISH DHAWAN 36 CAPTAIN 4942584.67 10+2 ATPL 14 24.04.2006 Alliance Air 84 ASHISH OBEROI 41 Co-Pilot 2470220 10 +2 CPL 19 17.12.2006 Alliance Air 85 ASHISH PODUVAL 28 CO-PILOT 2420180 10 +2 CPL 2 07.04.2008 Fresher 86 ASHISH RANJAN 50 CAPTAIN 5106687 10+2 ATPL 30 01.05.2004 Air Deccan 87 ASHOK DINESH DWIVEDI 34 Aircraft Maintenance Engineer 2412960 DIPLOMA AME 12 14.07.2005 Jet Airways 88 ASHOK VARDHAN SINGH DEO 43 CHECK PILOT 5867828.67 B.A. 21 29.04.2006 Alliance Air 89 ASHOKINDER SINGH 47 CAPTAIN 5256848 10+2 ATPL 27 05.10.2006 Air Deccan 90 ASHUTOSH NARAIN BAHA 24 CO-PILOT 2466427 10 +2 CPL 2 01.04.2008 Fresher 91 ATUL A. KUCHERIA 36 CAPTAIN 5329250 B. Sc 14 15.12.2005 Jet Airways 92 AUNG MYINT 57 CAPTAIN 6634823 ATPL 35 01.10.2008 Myanmar Airways 93 AUNG THAN 38 CAPTAIN 6386278 ALTP 16 24.08.2008 Myanmar Airways 94 AVINASH KUMAR 30 CO-PILOT 2443560 10 +2 CPL 8 01.07.2006 Air Deccan 95 AVINASH RAMESH BHAGWAT 39 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 17 01.07.2006 Air India 96 AVNI DOGRA 43 CAPTAIN 5153280.67 HSC / CPL 21 23.10.2007 Air Sahara 97 B. CHAKRAVARTHI 30 AIRCRAFT MAINTENANCE ENGINEER 2409360 AME 8 15.05.2004 Fresher

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7 STATEMENT OF PARTICULARS OF EMPLOYEES Contd. SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS DATE OF COMMENCEMENT OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 98 B. DARMA RAO 29 SHIFT IN-CHARGE 3225360 AME Diploma B.Sc 9 20.02.2006 Jet Airways 99 B. N. KISHORE 48 CAPTAIN 4172457 ATPL 26 22.12.2008 IAF 100 B. SABARISH 30 AIRCRAFT MAINTENANCE ENGINEER 2722360 DIPLOMA AME 8 09.05.2006 Sahara 101 BABU LAL 53 AIRCRAFT MAINTENANCE ENGINEER 2430060 DIPLOMA AME 26 01.09.2006 DGCA 102 BABU Y S 51 CAPTAIN 6079110 10+2 ATPL 31 02.05.2004 Air Deccan 103 BALJINDER CHATHA 39 SR. CO-PILOT 2595321.49 10+2 ATPL 17 30.10.2007 Fresher 104 BANKIM CHANDRA MEHT A 43 Captain 5778818 B.A. 21 15.12.2004 IAF 105 BAVICCA BHARA THI 21 CO-PILOT 2612240 CPL 3 30.07.2007 Fresher 106 BED PRAKASH UPRETI 47 CAPTAIN 7073022 MA 25 01.04.2005 NECON AIR 107 BEER SINGH YADAV 47 CAPTAIN 5639853.67 ATPL 25 22.10.2008 Air Sahara 108 BENEDICTO CRUZ 50 CAPTAIN 6073012 ATPL 28 01.10.2008 T ransports Aeromar 109 BHAG CHAND 47 Captain 5981036 B.A. 25 21.01.2005 IAF 110 BHANU PRAKASH MALEMP 27 CO-PILOT 2425840 10 +2 CPL 7 24.01.2006 Air Deccan 111 BHANUBALA BHOLA 31 Aircraft Maintenance Engineer 2415885 DIPLOMA AME 9 20.01.2006 DECCAN AVIATION PVT LTD BANGALORE 112 BHANUMOHAN KAILA 43 HEAD OF SALES - WEST SOUTH INDIA 5014409 B.A. DHM PGDBM 21 01.12.2006 United Spirits Ltd. 113 BHASKAR DEV BANERJEE 38 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 16 20.03.2006 Jet Airways 114 BHUPINDER SINGH SANDHU 43 Captain 5763818.33 B.Sc. 21 21.03.2006 Indian Airlines 115 BHUPINDER SINGH SANDHU 50 Captain 4835179.67 H.S.C. 28 11.05.2006 Alliance Air 116 BHUVNESH SAHRAWAT 23 CO-PILOT 2405580 10 +2 CPL 4 01.04.2009 Air Deccan 117 BIDYA BHUSHAN 36 AIRCRAFT MAINTENANCE ENGINEER 2629360 B.Sc + AME Diploma 14 21.02.2008 Air Sahara 118 BIDYUT BIKAS SARMA 34 AIRCRAFT MAINTENANCE ENGINEER 2432760 DIPLOMA AME 12 01.02.2006 Oberoi 119 BIJESH LOBHAN SEN 49 CAPTAIN 4235082 HSC 27 09.05.2005 IAF 120 BIKRANT DAS PRADHAN 35 CAPTAIN 6106784 ATPL 13 21.02.2008 BUDDHA AIR 121 BIMAL PATTANAIK 37 AIRCRAFT MAINTENANCE ENGINEER V 2409360 DIPLOMA AME 15 24.09.2007 Go Air 122 BINISH THOMAS GEORGE 32 CAPTAIN 2675955.06 CPL 10 13.03.2006 CFI 123 BIRENDRA VERMA 53 CAPTAIN 5130403.67 ATPL 31 01.10.2008 Indigo 124 BISWAJIT SAHU 30 AIRCRAFT MAINTENANCE ENGINEER 2710860 DIPLOMA AME 8 01.10.2004 Fresher 125 BOBBY P GOLSHANI 41 CAPTAIN 6533880 ATPL 19 07.11.2008 American Eagle 126 BOSCO LIONEL ALBINO 42 GENERAL MANAGER - IT BUSINESS MANAGEMENT 3189360 BTECH 20 23.02.2009 Qatar Airways 127 BRANISLAV NOVAKOVIC 50 CAPTAIN 4632642 ATPL 28 01.06.2007 JA T Airways 128 BRIJESH G. KRISHNAN 33 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 11 20.06.2006 Jet Airways 129 BRUCE KARAN DAVID 24 CO-PILOT 2447310 CPL 3 30.04.2007 Fresher 130 C V S RAVI 53 INSTRUCTOR 6145725.67 HSC 27 21.01.2005 Air Sahara 131 C. K. SREE KUMAR 52 SHIFT IN-CHARGE 2769360 B. E. Mech 28 06.03.2006 Air Sahara 132 C. KIRTHAN KUMAR 34 CAPTAIN 5138498 B. A 12 19.01.2005 Blue Dart Aviation Ltd 133 C. KRISHNA CHAITANYA 28 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 3 27.01.2006 Jet Airways 134 CANO JORGE ISAAC GOM 56 CAPTAIN 6295333 ATPL 34 02.01.2006 AIR ACES 135 CARLOS ALBERTO RAMIR 49 CAPTAIN 5843370 ATR 27 30.12.2007 AIR DECCAN 136 CARLOS ALEJANDRO PAR 56 CAPTAIN 6412991 Pilot in command in A TR 42-500 34 02.04.2007 A TLANTIC AIRLINES 137 CARLOS FERNANDO VELA 27 CAPTAIN 6002204 ATPL 3 06.06.2007 T ACA AIRLINES 138 CARLOS LUIS ARAYA AR 42 CAPTAIN 6831842 ATPL 20 08.05.2006 AIR ACES 139 CARLOSE DEVANAND 38 TRANSITION CAPTAIN 2784515.4 CPL 16 07.06.2006 CFI 140 CELSO JUNIOR GUIMARA 48 CAPTAIN 5955551.74 ATPL 26 24.07.2007 TOT AL AIRLINES 141 CHARLES ANDREW MASI 39 CAPTAIN 5262995 ATPL 17 03.08.2006 AIR MALAWI 142 CHARLES VIKRAM RA YMUND 24 CO-PILOT 2443830 CPL 3 02.07.2007 Fresher 143 CHEEMA B. P. S. 50 GM - BASE MAINTENANCE GSD 2757780 MSc Mech 26 02.08.2005 IAF 144 CHELLIBOYANA SRIDHAR 33 SHIFT IN-CHARGE 2942460 Intermediate + AME Diploma 11 01.01.2009 AP Aviation academy 145 CHERGUI M AMEZIANE 57 CAPTAIN 2896101 ATPL 35 01.10.2007 Air Algeria 146 CHHATTAR SINGH TOMAR 53 VICE PRESIDENT - ENGINEERING MAINTENANCE 6099360 B.E. Mechanical 28 21.05.2007 Jet Airways 147 CHINMAY PATRA 35 AIRCRAFT MAINTENANCE ENGINEER 2409360 AME Diploma 13 12.05.2007 Gulf Air 148 CHINTAN BINDRA 32 CAPTAIN 5266288.67 10+2 ATPL 10 16.04.2008 Go Air 149 CHIRAG THAKKAR 26 CAPTAIN 4081340.68 10+2 ATPL 6 13.06.2005 Air Deccan 150 CHITSIME ARTHUR WALE 45 CAPTAIN 6321760 BScchemistryA TPL 23 23.04.2007 PRECISION 151 CHRISTOPHER DAVID DI 29 CAPTAIN 6048890 ALTP 4 02.10.2008 Aer Arrann 152 CHRISTOPHER ROSHAN RODRIGUES 32 ASSISTANT MANAGER - TECHNICAL SERVICES 2459360 AME Diploma 10 01.11.2007 Jet Airways 153 D. SURENDRA 32 Aircraft Maintenance Engineer 2409360 DIPLOMA AME 10 04.04.2005 Deccan 154 D. VENKATESWARA RAO 48 Shift In-Charge 2945160 B.A. 26 21.02.2005 Air Sahara 155 DANIEL GRANT 62 CAPTAIN 5718885 LINE CAPTAIN CITATION 550 ATR 42/72 FOKKER 28 40 20.01.2006 15 YEARS AS AIR TRAFFIC CONTROLLER IN CANADA 3 YEARS AS CIVIL AVIATION INSPECTOR AT TRANSPORT CANADA DGCA 2 YEARS AS CHARTER AND CORPORATE PILOT ON C550 AIRLINE PILOT SINCE 1992 156 DARSHAN SINGH 48 SENIOR EXECUTIVE PILOT 3609360 10+2 CHPL 28 01.04.2009 Pawan Hans 157 DAVINDER NAGI 43 CAPTAIN 5231451.33 B.Sc. 21 01.05.2006 Alliance Air 158 DEBADATTA PANIGRAHI 39 SHIFT IN-CHARGE 2649360 AME Diploma B.Sc 17 20.03.2006 Jet Airways 159 DEBRAJ BURMAN 29 AIRCRAFT MAINTENANCE ENGINEER 2710185 AME Diploma 7 08.01.2005 Indian Airlines 160 DEEPAK RAJ TIWARI 40 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 18 12.08.2005 Pawan Hans 161 DEREK PERCY SPENCER 30 CO-PILOT 2699599.42 CPL 8 13.10.2008 SAHARA AIRLINES 162 DEV DUTT 33 AIRCRAFT MAINTENANCE ENGINEER 2414310 DIPLOMA AME 11 01.12.2006 Spice Jet Limited 163 DEVANG BHATIA 41 CAPTAIN 4841267 ATPL 19 10.10.2008 Jet Airways 164 DEVENDRA P NIRMAL 40 CAPTAIN 5492574 10+2 ATPL 18 08.06.2006 Air Deccan 165 DHEERAJ MATANG 41 CAPTAIN 5542527 10+2 ATPL 19 25.09.2003 Air Deccan 166 DHIRAJ BALIRAM KANASE 41 CAPTAIN 5155131.67 B.A. 19 04.08.2005 Indian Air Force 167 DHIRAJ JOSHI 35 Sr. Aircraft Maintenance Engineer 2818260 AME Diploma B.Sc 13 04.04.2005 DN 168 DHIRAJ KUMAR SINGH 35 Aircraft Maintenance Engineer 2410260 DIPLOMA AME 13 07.01.2005 Fresher 169 DIGANTA MOHANTY 37 CO-PILOT 2484000 10 +2 CPL 15 05.12.2005 Air Deccan 170 DILAWER SINGH BASRAON 43 Captain 6025470.33 HSC 21 10.01.2005 Ranbaxy Lab. Ltd. 171 DINESH DHAWAN 53 CAPTAIN 4454107 ATPL 31 18.08.2008 IAF 172 DINESH KANT SHARMA 49 INSTRUCTOR 6127475.67 BSC 24 03.01.2005 IAF 173 DINESH PANWAR 36 Co-Pilot 2863970 10+2 CPL 14 18.01.2006 Fresher 174 DIVYANG MUKHI 30 CO-PILOT 2539340 10 +2 CPL 8 30.07.2007 Fresher 175 DOICESCU GHEORGHE 59 CAPTAIN 6540336 ATPL 37 01.10.2007 Air Deccan 176 DUKE ERIC LONG II 34 CAPTAIN 6445641 ATPL 12 04.08.2008 American Eagle 177 DULEEPKUMAR DAVID JO 57 CAPTAIN 9706883 ATPL 33 18.04.2008 Sri Lankan Airways 178 DUMISANI MOYO 49 CAPTAIN 6681866 ATPL 27 01.06.2007 Oman Air 179 DURLLAVA KUMAR MISHRA 56 Captain 5199591.33 HSC 34 01.01.2005 Alliance Air 180 EDGAR ARTHUR KAUNDA 56 CAPTAIN 6143489 ATPL 34 11.04.2006 PRECISION AIR 181 EMMANOUIL SOPASIS 45 CAPTAIN 2574166 ATPL 23 16.11.2006 AIR GREECE 182 ERIC SAMMY 62 DGM - CABIN SERVICES TRAINING 3115337 Graduation 40 01.11.2008 Jet Airways 183 ERWIN HAROLDO PEREZ 44 CAPTAIN 7788313 ATPL 22 24.05.2006 AIR ACES 184 EUGENE MERIC IAN ESP 34 ENGINEERING INSTRUCTOR 2408580 AME DIPLOMA 12 23.02.2009 Aviation Partnership Philippines Corp 185 FABIOLA FAUSTA FERNA 38 TRANSITION CAPTAIN 2680868.67 10+2 ATPL 16 16.05.2006 Air Deccan 186 FAISAL ALI KHAN 39 CAPTAIN 5314509.23 10+2 ATPL 17 16.07.2007 IAF 187 FAISAL HAMID KHAN 36 CO-PILOT 2426966 10 +2 CPL 14 28.09.2006 Air Deccan 188 FERAH ABDEL ALI 47 CAPTAIN 5412933 ATPL 25 30.05.2008 ASEMAN AIRLINES 189 FRANZ JOSEPH D’SA 38 CAPTAIN 5535827 10+2 ATPL 16 16.08.2006 IAF 190 FREDRICK CHOLA 53 CAPTAIN 6252208 ATPL 31 10.07.2007 Air Mauritius 191 G R MOHAN 59 DGM - FLIGHT OPERA TIONS BLR/HYD 7519101.67 Msc. MAeSL 37 03.01.2005 Blue Dart Aviation 192 G SHIV KUMAR 47 INSTRUCTOR 6241314.67 MSC.LLB 24 01.09.2005 IAF 193 G SUMI RAJAKUMAR 25 CO-PILOT 2504370 10 +2 CPL 5 04.08.2006 Air Deccan 194 G. BHAVANI PRASAD 30 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 8 21.02.2005 Deccan 195 GAJENDRA DAGAJI WAGH 48 Captain 5391794.33 Com/Dip. In P.M. HRD 28 01.02.2006 Alliance Air 196 GANDHAM GIRIDHAR 50 TRANSITION CAPTAIN 4170360 10+2 ATPL 24 01.04.2008 Air Sahara 197 GAURAV 38 CAPTAIN 4958464.67 Graduation / CPL 16 05.12.2005 IFSAL India Flysafe Aviation Ltd

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8 STATEMENT OF PARTICULARS OF EMPLOYEES Contd. SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS DATE OF COMMENCEMENT OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 198 GAURAV BATRA 26 Aircraft Maintenance Engineer 2698710 DIPLOMA AME 4 20.01.2006 Fresher 199 GAURAV BEHAL 35 CAPTAIN 5188391 10+2 ATPL 13 02.11.2004 Air Deccan 200 GAURAV DHAKA 34 CO-PILOT 2425170 CPL 12 02.04.2007 Fresher 201 GAURAV DUTT 35 CO-PILOT 2509130 CPL 13 23.10.2007 Sahara 202 GAURAV GUPTA 21 CO-PILOT 2441410 10 +2 CPL 3 24.10.2007 Air Deccan 203 GAURAV RATHORE 37 AVP - QUALITY GUEST COMMITMENT 2879400 MBA 15 09.05.2005 Jet Airways 204 GAUTAM MALHOTRA 28 CO-PILOT 2490260 10 +2 CPL 8 01.04.2009 Air Deccan 205 GAYATRI PALANDE 23 CO-PILOT 2519650 10 +2 CPL 3 29.01.2007 Air Deccan 206 GEOFFREY JESUDASON 64 Chief Examiner A320 7629360 HSC 38 13.09.2004 Indian Airlines 207 GEORGES T AZAR 56 CAPTAIN 8047074 ATPL 34 01.06.2007 MEA 208 GHEORGHE POPA 57 CAPTAIN 4315986 ATPL 35 03.03.2005 AIR T AROM 209 GIRIRAJU PRABHUDEV 36 CO-PILOT 2484720 CPL 14 02.07.2007 Fresher 210 GOMAH TANIEL TAPHET 55 CAPTAIN 6528164.55 ATPL 33 05.05.2007 PRECISIONAIR 211 GOPAL KRISHAN VERMA 41 Aircraft Maintenance Engineer 2411160 DIPLOMA AME 19 14.07.2005 Jet Airways 212 GORACHAND ADHIKARI 33 MANAGER - DEFECT CELL 2749360 AME Diploma B.Sc 11 21.02.2005 Jet Airways 213 GOUTAM SAHA 40 SHIFT IN-CHARGE 2948910 AME Diploma B.Sc 18 17.01.2005 Blue Dart Aviation 214 GREGORY DENIS CRASTO 62 ASSISTANT VICE PRESIDENT - CARGO SERVICES 2460360 Bcom 38 02.01.2008 Jet Airways 215 GUREZ SINGH 26 CO-PILOT 2561410 10 +2 CPL 6 10.09.2007 Air Deccan 216 GYANENDRA GAUCHAN 34 CAPTAIN 6103770 ATPL 12 21.02.2008 BUDDHA AIR 217 GYANENDRA KUMAR 34 AIRCRAFT MAINTENANCE ENGINEER 2685360 DIPLOMA AME 12 09.05.2007 Gulf Air 218 HARI PRASAD KOLASANI 30 AIRCRAFT MAINTENANCE ENGINEER V 2697360 AME Diploma 8 20.06.2006 Jet Airways 219 HARIS FURQAN 34 CO-PILOT 2713164 10 +2 CPL 12 01.07.2008 Go Air 220 HARISH SOLANKI 42 CAPTAIN 5296161.67 ATPL 20 09.07.2008 Go Air 221 HAROLD CHARLES D’PEN 62 CAPTAIN 5805292 ATPL 40 01.11.2008 Indian Airlines 222 HARSIMRAN JIT SINGH 33 CAPTAIN 4489913.07 10+2 ATPL 11 24.07.2006 Fresher 223 HARVINDER SINGH VIRK 43 INSTRUCTOR 5971908 B.A. 21 09.05.2005 Alliance Air 224 HECTOR OLIVEROS GONZ 42 CAPTAIN 6744456 ATPL 20 29.10.2008 Cuban Air 225 HEMANT DEWANI 31 CO-PILOT 2713297 10 +2 CPL 9 02.09.2008 Indigo 226 HEMANTH B A 31 Aircraft Maintenance Engineer 2409360 DIPLOMA AME 9 18.01.2005 Deccan 227 HERMES DE AZEVEDO 53 CAPTAIN 6113863 ATP A320 31 12.09.2007 T AM BRAZIL 228 HERNAN ALONSO BEDOYA 42 CAPTAIN 5142293 ATR 42/72 TRE/TRI 20 02.09.2005 ROY AL AIR MAROCCO 229 HIMANSHI SINGH 26 TRANSITION CAPTAIN 2477761.74 10+2 ATPL 6 28.01.2006 Air Deccan 230 HITESH PATEL 46 EXECUTIVE VICE PRESIDENT 27440676 MBA 26 18.01.2005 Jet Blue 231 HOLGER GALLO MANRIQU 50 CAPTAIN 6394145 ATPL 28 20.09.2005 AIR ACES 232 HOVARI AUGUSTO FIALL 37 CAPTAIN 6383409 ALTP 24 04.11.2008 American Eagle 233 INDERPREET SINGH 31 TRANSITION CAPTAIN 2628963.88 10+2 ATPL 9 03.03.2008 Continential Airlines 234 INDIRA S. MITTRA 45 DGM - FLIGHT OPERA TIONS MAA / CCU 7490511.33 A TPL 23 01.01.2009 Deccan 235 IOANITA FLORIAN 58 CAPTAIN 7211566 ATPL 36 09.11.2007 T AROM 236 IQBAL AHMED 50 CAPTAIN 3228076.82 10+2 ATPL 30 12.08.2004 Air Deccan 237 IRSHAD AHMAD WAR 32 AIRCRAFT MAINTENANCE ENGINEER 2410710 AME Diploma 10 01.12.2006 Jet Airways 238 ISHWAR S PUNJWANI 27 CAPTAIN 4431261.1 10+2 ATPL 7 22.12.2004 Air Deccan 239 ITTY SEHGAL 28 CO-PILOT 2517560 CPL 3 22.02.2007 Fresher 240 IVAN JALALUDDIN 46 INSTRUCTOR 6202137.33 HSC / ATPL 24 17.02.2008 Air India 241 IVANOVIC DARIO 48 CAPTAIN 4267134 ATPL 26 01.06.2007 JA T Airways 242 J. NAVEEN KUMAR 24 CO-PILOT 2473569.89 CPL 3 22.02.2007 Fresher 243 JACKSON JOHN SAGAWA 54 CAPTAIN 7617467 ATPL 32 17.11.2005 ANTRAKAIR 244 JAGDEEP SODHI 31 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 9 12.08.2005 Jet Airways 245 JAGROOP SINGH SANDHU 49 CAPTAIN 4335454 ATPL 28 10.10.2008 IAF 246 JAI KAPADIA 32 CO-PILOT 2402720 10 +2 CPL 10 24.09.2007 Fresher 247 JAIDEEP SANDEEP CHITNIS 33 CO-PILOT 2449930 CPL 11 05.07.2007 Fresher 248 JALADHAR SWAIN 43 AIRCRAFT MAINTENANCE ENGINEER 2409810 AME Diploma 21 12.01.2007 Air Sahara 249 JASBIR SINGH 55 CAPTAIN 4844582 MBA 25 17.09.2007 Reliance Group 250 JAVIER E TRIGO MARIN 42 CAPTAIN 6085322 ATPL 20 16.10.2008 American Eagle 251 JAVIER ROJAS OSPINA 54 CAPTAIN 6087552 ATPL 32 23.09.2005 AIR ACES 252 JA YKRISHNAN NAIR 36 Co-Pilot 2443140 HSC 14 01.05.2006 M.P.Flying Club 253 JEAN-PIERRE ROSSOW 33 CAPTAIN 3853551 ATPL 11 01.12.2008 Air Mauritius 254 JEETENDRA MANOHAR PADMASHALI 29 Aircraft Maintenance Engineer 2454360 DIPLOMA AME 6 20.01.2006 Jet Airways 255 JESUS EDUARDO LOPEZ 36 CAPTAIN 5708996 ATPL 14 23.03.2008 T ACA 256 JITENDER SINGH 33 CO-PILOT 2428505 CPL 11 30.04.2007 Fresher 257 JITENDRA KASHINATH NAR 38 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 16 22.08.2005 Air India 258 JOHAN LODEWIJK KAPPE 56 CAPTAIN 6152967 ALTP 34 17.10.2008 Hyannis Air 259 JOHN CHERIYAN 51 Sr. Aircraft Maintenance Engineer 2817360 LLB AME Diploma 25 21.02.2005 Blue Dart Aviation 260 JORGE MANUEL DELGADO 48 CAPTAIN 5818415.84 ATPL 26 02.02.2008 Conviasa 261 JORGE WILSON SUÁREZ 39 AME 3656820 AME 17 29.03.2004 Aerovias Nacionales De Colombia Avianca 262 JOSE MARTIN UZCATEGU 60 CAPTAIN 6437106 ATPL 38 16.02.2007 SANT A BARBARA AIRLINES 263 JOSE MARTIN UZCATEGU 30 CAPTAIN 6152039 ATPL 8 19.09.2007 SANT A BARBARA AIRLINES 264 JOSE PABLO MUY MUNGU 36 CAPTAIN 6789775 ATPL 14 24.05.2006 AIR ACES 265 JOSE TEIXEIRA NETO 48 CAPTAIN 6364766 ATPL 26 08.02.2007 BRAZILIAN AF 266 JOTIRMOY BHATTACHARY 33 SHIFT IN-CHARGE 2801760 AME Diploma 11 18.08.2003 Jagson Airlines Ltd. 267 JUAN CARLOS ESPINOSA 34 CAPTAIN 5468074 ATPL 12 17.10.2007 T ACA AIRLINES 268 JUAN CARLOS PALAEZ M 43 CAPTAIN 5951706 Line Pilot 21 09.04.2004 ACES AIRLINES 269 JUAN CARMONA 44 CAPTAIN 6296041.29 Basic Aviation Education 22 10.01.2005 ACES S.A. COLOMBIA 270 JUAN EMILIO SOTO 41 CAPTAIN 7456676 ATPL 19 16.10.2008 Aer Arrann 271 JUAN JOSE JIMENEZ HE 44 CAPTAIN 6483178 ATR42/72 22 16.02.2007 T ACA AIRLINES 272 JUAN NICOLAS SANCHEZ 43 CAPTAIN 6463162 ATPL 21 06.04.2006 AIR ACES 273 JUGASHREE CHOWDHURY 51 TRANSITION CAPTAIN 3122402 M. Sc 29 21.11.2006 IAF 274 JUSTIN TIMOTHY KILGA 28 CAPTAIN 6048890 ALTP 5 05.10.2008 Aer Arrann 275 K. B. SOMANNA 38 Co-Pilot 2905770 B.A 16 09.01.2006 Aviators India Pvt. Ltd 276 K. GIREESHKUMAR 48 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 26 22.08.2005 Air India 277 K. PRAVEN MUTHAPPA 37 Co-Pilot 2897480 B.Sc 15 09.01.2006 Global Vectra Helicorptor 278 K. VIKRAM RAGHU 41 Co-Pilot 2916790 10+2 / CPL 19 08.09.2005 Aviators India Pvt. Ltd 279 KADATHANAD RAGHAVAN 47 CAPTAIN 5481504.67 10+2 ATPL 27 15.01.2005 Air Deccan 280 KAIZAD PERVEZ SUNTOKE 25 CO-PILOT 2417540 CPL 3 30.04.2007 Fresher 281 KAMALJEET SINGH JAGG 27 CO-PILOT 2470460 10 +2 CPL 7 22.10.2007 Air Deccan 282 KAMALRAJ SINGH 64 Captain 5069298.67 Graduate from IAF 41 10.03.2006 Air India 283 KANJITHANDA BOPANNA 45 CAPTAIN 4474578 ATPL 23 02.01.2009 IAF 284 KANWAR SUKHJIV SINGH 36 AIRCRAFT MAINTENANCE ENGINEER 2410485 DIPLOMA AME 14 09.03.2006 AASL 285 KARAN SHRINAGESH 29 SR. CO-PILOT 2430917.44 10+2 A TPL 3 30.04.2007 Fresher 286 KARANAM SRINIVASA RAO 35 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 13 08.02.2006 Jet Airways 287 KARL BAHADUR WYKES 42 Captain 5817586 HSC 20 03.01.2005 Jet Airways 288 KARL J KATRAK 32 CAPTAIN 5230446.67 10+2 ATPL 10 27.09.2003 Air Deccan 289 KARUNYA SUKUMAR 32 CAPTAIN 5192609.67 10+2 ATPL 10 16.09.2003 Air Deccan 290 KAURA R K 42 CAPTAIN 5722945.67 10+2 ATPL 20 01.04.2003 Air Deccan 291 KETHI VENKAT REDDY 32 CAPTAIN 4925315.67 10+2 ATPL 10 25.09.2003 Air Deccan 292 KHIN MAUNG SAN 55 CAPTAIN 6594353 ATPL 33 05.07.2008 Myanmar Airways 293 KHURRAM SHEHZAD 36 CO-PILOT 2421450 CPL 14 30.04.2007 CFI 294 KIRAN ANAND MABIAN 35 AIRCRAFT MAINTENANCE ENGINEER 2414535 DIPLOMA AME 13 15.06.2005 Emirates 295 KIRAN PAPINENI 31 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 9 06.02.2006 Sahara 296 KISHORE KUMAR KAR 43 AIRCRAFT MAINTENANCE ENGINEER 2412510 DIPLOMA AME 21 07.08.2006 Sahara 297 KOROSH IMANI TEHRANI 40 CAPTAIN 4958074 ATPL 18 01.08.2007 Air Deccan 298 KRANTI KUMARI 29 AIRCRAFT MAINTENANCE ENGINEER 2416560 DIPLOMA AME 5 21.03.2007 Deccan 299 KRISHAN KUMAR RASTOGI 61 CAPTAIN 5577026.33 Intermediate 39 22.09.2006 Crescent Air Cargo Pvt Ltd 300 KRISHNAMURTHY SHANKAR 47 Captain 5827366.33 HSC 25 09.05.2005 IAF 301 KRISHNAN S MANIAN 48 CAPTAIN 5219650 ATPL 26 01.06.2007 Malaysian Govt. 302 KUNJAL. N. KHATRI 26 CO-PILOT 2445950 10 +2 CPL 3 12.01.2007 Fresher

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9 STATEMENT OF PARTICULARS OF EMPLOYEES Contd. SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS DATE OF COMMENCEMENT OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 303 KUNWAR JI SRIVASTAVA 47 SR. MANAGER QUALITY CONTROL AVIONICS 2989360 BE Electrical Engineering 24 29.08.2006 DGCA 304 LALIT SHRIKRISHNA DESHMUKH 37 AIRCRAFT MAINTENANCE ENGINEER 2697360 B.E. Electronics 15 01.07.2006 Air India Ltd. 305 LATHA. V 40 CAPTAIN 4993685 10+2 ATPL 18 08.04.2008 IAF 306 LESLIE OJIT MISSAL 42 AVP - SECURITY 2579400 NDA 20 01.07.2005 UB 307 LLOYD FERNANDES 45 GM - CORPORATE SALES 4011360 MBA 23 01.04.2009 AMEX 308 LOKESH KUMAR JAIN 26 CO-PILOT 2531400 CPL 3 30.07.2007 Fresher 309 LOUIS ALLISTAIR DE V 59 CAPTAIN 6391618 ATPL 37 26.07.2006 AIR JAMAICA 310 LUIS ALBERTO AGUILAR 44 CAPTAIN 5136010 ATPL 22 24.11.2007 Conviasa 311 LUIS ANGEL ARAYA ARA 38 CAPTAIN 6758993.68 ATPL 16 08.05.2006 AIR ACES 312 LUIS FERNANDO MOREIR 52 CAPTAIN 5974514 ATPL 30 17.10.2007 T ACA AIRLINES 313 LYNN THOMAS 38 CO-PILOT 2664615.96 10 +2 CPL 16 05.07.2004 Air Deccan 314 M. VISWANATHAN 31 AIRCRAFT MAINTENANCE ENGINEER AC 2416110 DIPLOMA AME 9 12.12.2005 Jet Airways 315 MADHUKRISHNA R D 34 TRANSITION CAPTAIN 2720012.78 10+2 ATPL 12 21.04.2004 Air Deccan 316 MADHUSMITA PATNAIK 35 CAPTAIN 4921067 10+2 ATPL 13 22.12.2004 Air Deccan 317 MAEHIMA CHAUDHARY 27 CO-PILOT 2422600 CPL 3 02.07.2007 Fresher 318 MAHENDRA PRASAD SHARMA 48 Captain 5092108 B.A. 26 02.01.2006 Indian Airlines 319 MAHESH KULKARNI 40 CAPTAIN 5541445.33 10+2 ATPL 18 01.07.2005 Air Deccan 320 MAHESH KUMAR SHARMA 41 CHECK PILOT 6300221.67 10+2 A TPL 19 09.06.2003 Air Deccan 321 MALIK MOHAMMAD ALAM 41 TECHNICAL SERVICES ENGINEER AIRFRAME 2409360 DIPLOMA AME 19 20.03.2006 Jet Airways 322 MALLESH CHANDRASHEKA 51 GENERAL MANAGER - QUALITY CONTROL 4034360 AME Diploma B.Sc 34 14.02.2008 Jet Airways 323 MANAS RANJAN PARIDA 36 Aircraft Maintenance Engineer 2559660 AME Diploma B.Sc 14 20.01.2006 Air Deccan 324 MANINDER SINGH 50 CAPTAIN 5821385.33 ATPL 28 20.08.2008 SpiceJet 325 MANISH KUMAR SHARMA 41 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 19 18.01.2005 Deccan 326 MANJULI SHARMA 37 SR. CO-PILOT 2519546.29 CPL 15 02.07.2007 Fresher 327 MANOJ K. PATEL 29 Aircraft Maintenance Engineer 2461560 DIPLOMA AME 6 20.01.2006 Indamer 328 MANOJ KHANNA 34 LINE MAINTENANCE MANAGER 2889360 BE Mechanical 12 01.01.2009 HAL 329 MANOJ VERMA 38 CAPTAIN 5223034 Graduation 16 09.01.2008 Jet Lite I Ltd 330 MARCO TULIO ESPINOSA 37 CAPTAIN 6619183 ATR42/72 15 06.06.2007 T ACA 331 MARIA PATRICIA MONTA 55 CAPTAIN 6818192 ATPL 33 07.05.2006 AIR ACES 332 MARWAN ELBAF 59 CAPTAIN 10441502 ATPL 37 01.07.2007 Middle East Airlines 333 MASOOD KHAN 40 ASSIST ANT MANAGER - FLIGHT SAFETY 2649360 ISC 18 11.02.2008 Indian Airlines 334 MASSOUD K MOGHADAM 52 CAPTAIN 7246330 ATPL 30 03.07.2007 Aseman Airlines Iran 335 MAUNG TAW 39 CAPTAIN 6105655 ATPL 17 15.10.2007 Myanmar Airways 336 MAURO OLIVIER DE CAS 52 CAPTAIN 7335934 ATPL 30 14.06.2005 TOT AL AIRLINES 337 MAZAHIR A DAHODWALA 30 CO-PILOT 2579600 10 +2 CPL 8 24.10.2007 Air Deccan 338 MEENA PANDEY 45 CAPTAIN 5402193.33 B. Sc 23 10.08.2005 NEPC Airlines Ltd 339 MEETAK KUMAR BEHL 52 CAPTAIN 4774603 ATPL 30 01.08.2008 IAF 340 MEHUL P. MEHTA 31 Co-Pilot 2851610 B. Sc 9 29.09.2005 Fresher 341 MILAN PATEL 34 CAPTAIN 5365470 CPL 12 09.06.2005 Reliance Inder 342 MIRZA MOHTASHAM BAIG 39 CO-PILOT 2403310 10 +2 CPL 17 01.07.2006 Air Deccan 343 MOE HTAIK KYAW 37 CAPTAIN 6578301 ATPL 15 06.02.2008 Y angon Airways 344 MOHD. MISBAHUDDIN KAZAM 30 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 8 22.08.2005 Jet Airways 345 MOHD. TARIQ KHAN 38 CAPTAIN 4416008.67 Intermediate 16 09.02.2006 Alliance Air 346 MOHIT RATTI 30 CHECK PILOT 5490131 H.S.C 8 29.05.2006 Sky Dive America Inc. 347 MOHNISH S. CHADDA 44 EXAMINER SECONDED FLIGHT OPERATIONS INSPEC- TOR DG 7064734.33 HSC 22 07.11.2005 Air Lanka 348 MONIR KUMAR SHRESTHA 31 CAPTAIN 6096948 ATPL 9 22.03.2008 BUDDHA AIR 349 MRINAL DUTT SHARMA 23 CO-PILOT 2417990 CPL 2 23.01.2008 Fresher 350 MTENDE KANYAMULA SIL 39 CAPTAIN 6154751 ATPL 17 11.09.2007 AIR MALAWI 351 MUHAMMAD ZAID SHAIKH 33 MAINTENANCE CONTROLLER 2937360 H.S.C. AME Diploma 11 15.02.2007 Qatar Airways 352 MUKESH SINGH SHAKT AW 29 CO-PILOT 2445990 10 +2 CPL 9 01.12.2005 Air Deccan 353 MUKUL GUPTA 44 CAPTAIN 5828356 B.Com. 22 22.04.2006 Alliance Air 354 MURALEEDHARAN DAMODARAN NAIR 59 AIRCRAFT MAINTENANCE ENGINEER AC 2409360 AME Diploma 26 10.02.2006 Sahara 355 MURALI RAMACHANDRAN 41 VP - GROUND SERVICES 5498611 IHM 19 01.11.2008 Jet Airways 356 N N KASHIB 48 TRANSITION CAPTAIN 2576878.67 10+2 ATPL 29 15.06.2005 Air Deccan 357 N S KADIAN 55 CAPTAIN 5793279.33 10+2 ATPL 35 16.05.2006 Air Deccan 358 N. FELIX SUDHEER KUMAR 36 SHIFT IN-CHARGE 2658660 AME Diploma 14 18.06.2007 Jet Airways 359 N. RAMA SESHAN 42 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 20 17.11.2006 Paramount 360 NARINDER SINGH 50 CAPTAIN 5350219 M.Sc. 28 06.02.2006 Indian Navy 361 NAVEEN RAHI 46 TRANSITION CAPTAIN 4170360 10+2 ATPL 26 01.04.2009 IAF 362 NAVENDU PRIY ADARSHI 27 Co-Pilot 2486060 CPL 4 12.10.2006 Fresher 363 NAVINDER PALL PURI 58 VICE PRESIDENT-FLIGHT OPERATIONS 9573360 M.A. 36 01.11.2007 Jet Airways 364 NAVINDRA NA TH VERMA 52 Captain 3477640.07 HSC 32 27.06.2005 Air Deccan 365 NAY KO KO NAING 34 CAPTAIN 6346689.49 ALTP 12 02.12.2008 Myanmar Airways 366 NAY TUN OO 35 CAPTAIN 4428430 ALTP 13 05.07.2008 Myanmar Airways 367 NEERAJ BIALA 34 CAPTAIN 5401878.33 ATPL 12 14.10.2008 JetLite 368 NELAKRUTI CHENNA REDDY 41 DEPUTY GENERAL MANAGER - LINE MAINTENANCE 4179893.68 AME Diploma B.Sc 19 01.03.2007 Gulf Air 369 NEPENDRA BHATTARAI 36 CAPTAIN 5482024 ALTP 14 28.10.2008 Nepal Air 370 NEVILLE DINSHAW BHIC 40 CAPTAIN 5718435 ATPL 18 13.10.2008 Jet Airways 371 NGANIWE JATO KALINGA 52 CAPTAIN 5275552 ATPL 30 31.08.2006 AIR MALAWI 372 NIELS PEDER TERNVING 62 CAPTAIN 9194284.16 ALTP 26 25.07.2008 Scandinavian 373 NIKET DEEP KALRA 41 Captain 5729705 MBA 19 03.01.2005 IAF 374 NIKHIL MAHAJAN 32 CAPTAIN 5172273.33 HSC / Airline Captain 10 01.12.2007 Blue Dart DHL 375 NILANK SATISH KUMAR 24 SR. CO-PILOT 2509278 10+2 ATPL 4 31.12.2005 Air Deccan 376 NIRBHAY SINGH 31 CAPTAIN 5975195.33 10+2 ATPL 9 01.04.2003 Air Deccan 377 NISAR AHMED SHAIKH 37 CO-PILOT 2496090 CPL 15 30.04.2007 Fresher 378 NITIN ANAND 39 EXAMINER SECONDED FLIGHT OPERATION INSPECTOR DG 6843691.34 HSC 17 23.11.2006 Air Deccan 379 NITIN DHIR 48 CO-PILOT 2433510 CPL 25 09.03.2007 IAF 380 NITIN HANDA 22 CO-PILOT 2410406.66 10+2 A TPL 3 27.11.2007 Air Deccan 381 NITIN VERMA 36 TRANSITION CAPTAIN 2639116.97 10+2 ATPL 14 21.04.2008 American Eagle 382 NOEL WEDDINGTON NYIR 39 CAPTAIN 6076110 ATPL 17 31.03.2008 ANTRAK AIR 383 NOEL WILLIAM GONSALVES 49 LINE MAINTENANCE MANAGER 4929360 AME Diploma B.Sc 29 01.10.2007 Gulf Air 384 O M NIRMAL KUMAR 47 CAPTAIN 4275675 ATPL 25 18.11.2008 IAF 385 OLIVER LUKAS KOSONEN 30 CAPTAIN 6216920 ATPL 8 12.03.2008 Finnish Air 386 OMPRAKASH CHOUDHARY 39 CAPTAIN 4535833 B.A 17 14.11.2007 Jet Lite I Ltd 387 OSMOND LIONEL D’MELLO 34 CO-PILOT 2410970 CPL 12 02.07.2007 Fresher 388 P. ABHIJIT BHUSHAN 47 GENERAL MANAGER - FLIGHT OPERATIONS 7185009 HSC 25 03.01.2005 Jet Airways 389 P. K. KRISHNAKUMAR NAIR 33 AIRCRAFT MAINTENANCE ENGINEER 2411610 DIPLOMA AME 11 04.09.2006 Spice Jet Limited 390 P. KUMARAVEL 43 CAPTAIN 5669827.67 ATPL 21 14.10.2008 Jet Airways 391 P. RAMAKRISHNA 53 CAPTAIN 5907047.33 B.Com 27 01.10.2005 IAF 392 P.B. BIJULAL 38 MAINTENANCE CONTROLLER 2937360 B. Tech in Electronic Engineering 16 22.08.2005 Air India 393 PANDEEP SINGH WALIA 50 SHIFT IN-CHARGE 2937360 Intermediate + AME Diploma 25 01.01.2009 Asia Aviation Delhi 394 PANKAJ BHARDWAJ 33 CO-PILOT 2430280 CPL 11 30.04.2007 Fresher 395 PANKAJ MOHAN WAINGAD 25 CO-PILOT 2525310 10 +2 CPL 5 10.09.2006 Air Deccan 396 PARAG GAONKAR 30 CAPTAIN 5509816 ATPL 8 10.01.2008 Air Sahara 397 PARSHURAM JHA 41 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 19 01.11.2004 Indamar 398 PARUL NIRMAL TRIVEDI 37 CAPTAIN 5605468.33 10+2 ATPL 15 08.06.2006 Air Deccan 399 PATIL S S 55 CAPTAIN 5344805.33 10+2 ATPL 35 12.04.2004 Air Deccan 400 PATRICK PADRAIC SICO 43 CAPTAIN 4926507 ATPL 21 01.10.2008 Air Deccan 401 PATRICK RONALD TOBIN 47 CAPTAIN 5257308.33 10+2 ATPL 27 16.05.2005 Air Deccan 402 PAUL HENRY MOULINIER 45 CAPTAIN 6798942 ATPL 23 25.04.2007 SANT A BARBARA AIRLINES 403 PAULO MANUEL TAVARES 31 CAPTAIN 3738385 ATPL 9 05.11.2007 Conviasa 404 PAVAN RISHI 47 CAPTAIN 6416564 HSC 25 03.01.2005 IAF 405 PAWAN TANWANI 31 MANAGER AVIONICS 3327941 AME Diploma B.Sc 9 09.03.2006 Jet Airways 406 PAYAL PASRICHA 36 Captain 5277093.67 B.Sc. 14 22.05.2006 Alliance Air

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10 STATEMENT OF PARTICULARS OF EMPLOYEES Contd. SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS DATE OF COMMENCEMENT OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 407 PERUMAL ALAGARAJA 48 TRANSITION CAPTAIN 4170360 ATPL 27 12.02.2009 IAF 408 PETER ANDREW FIWA 44 CAPTAIN 6333594 Deg.in C EngATPLTRI 22 17.08.2006 AIR MALAWI 409 PETITA JHAVERI 38 CAPTAIN 4168756.16 ATPL 16 01.08.2008 Go Air 410 PHILAUSY PAUL 30 Aircraft Maintenance Engineer 2438385 DIPLOMA AME 8 20.01.2006 Sahara 411 PONNI CHELVAN A 31 CHECK PILOT 6082641.67 10+2 ATPL 9 30.09.2005 Air Deccan 412 POONAM HUNDLANI 28 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 4 01.02.2006 Fresher 413 PRADEEP KUMAR MISHRA 42 CAPTAIN 6168941 10+2 ATPL 20 21.06.2003 Air Deccan 414 PRADEEP KUMAR SHARAN 53 CAPTAIN 5320907 ATPL 31 01.08.2008 IAF 415 PRADEEP NAGABHUSHAN 26 CO-PILOT 2406480 CPL 3 02.07.2007 Fresher 416 PRADEEP PRAKASH YADAV 41 AIRCRAFT MAINTENANCE ENGINEER V 2409360 DIPLOMA AME 19 01.07.2006 Air India 417 PRADEEP R 43 CO-PILOT 2549030 10 +2 CPL 24 18.10.2007 Air Deccan 418 PRADHYUT CHHOTU BHANDARI 44 DGM - QUALITY ASSURANCE OPS TRNG 3146160 AME Diploma PGDBM marketing 24 14.08.2006 Jet Airways 419 PRAFULL JAGDEV THAKUR 52 Captain 5188228 B.Com. 24 27.03.2006 Alliance Air 420 PRAMOD KHATRI 37 CAPTAIN 6686914 ATPL 15 21.05.2004 ROY AL NEPAL AIRLINES 421 PRAMOD SHARMA 48 EXAMINER 6385506 HSC 25 07.03.2006 Indian Airlines 422 PRANAB KISHORE SATAPATHY 38 SHIFT IN-CHARGE 2937360 Intermediate + AME Diploma 16 20.04.2007 Jet Airways 423 PRANISH SALUJA 43 CO-PILOT 2401140 10 +2 CPL 21 11.09.2006 Air Deccan 424 PRASAD ULHAS PATHRUTKAR 34 Aircraft Maintenance Engineer 2413185 AME Diploma B.Sc 12 20.03.2006 Jet Airways 425 PRASHANT KUMAR SRIVASTAVA 34 AIRCRAFT MAINTENANCE ENGINEER 2413185 DIPLOMA AME 12 20.03.2006 Jet Airways 426 PRATAP SIMHA H. R. 26 CO-PILOT 2501230 10 +2 CPL 3 30.07.2007 Fresher 427 PRATEEK DAS 23 CO-PILOT 2457850 CPL 3 30.07.2007 Fresher 428 PRATIK C. MEHTA 31 CAPTAIN 5503845 B. Sc 9 16.12.2005 Jet Airways 429 PRATIK P. PATEL 24 TRANSITION CAPTAIN 2952486.33 H.S.C 5 12.12.2005 Fresher 430 PRAVEEN KUMAR 34 Co-Pilot 2777290 B. Sc / CPL 12 17.10.2005 Fresher 431 PRAVEEN SHARMA 49 CAPTAIN 5233276.67 MSC 28 01.10.2005 T ata Steel 432 PRAVIN VIJAY GAIKWAD 34 TRANSITION CAPTAIN 2826125.54 10+2 ATPL 12 16.07.2007 Air Deccan 433 PRESTON NAZARETH 39 SR. LINE MAINTENANCE MANAGER - NORTHERN INDIA 3741360 AME Diploma B.Sc 17 06.06.2005 Gulf Air 434 PREYA PRABHU 39 Co-Pilot 2847030 B.A 17 09.01.2006 Indian Airlines 435 PRHALAD ANAND 23 CO-PILOT 2486160 CPL 3 30.04.2007 Fresher 436 PRITHVI MALHOTRA 32 CAPTAIN 5631297 B.Sc 10 09.11.2007 Air Sahara 437 PRITPAL SINGH ARORA 48 CHECK PILOT 6593500.67 B.Sc 26 05.02.2008 Srilankan Airlines 438 PRIYA PAUL 38 TRANSITION CAPTAIN 2718114.33 10+2 ATPL 16 24.09.2007 Fresher 439 PRIY A S. EIDNANI 30 CO-PILOT 2457760 CPL 8 02.07.2007 Fresher 440 PRIYANK AGRAWAL 31 CHECK PILOT 5646708.67 10+2 ATPL 9 14.08.2004 Air Deccan 441 PROMIT MOULIK 50 CAPTAIN 5123244.67 M.Sc. 28 01.09.2006 Air Deccan 442 PUNEET GROVER 42 CAPTAIN 5098994.67 ATPL 20 14.07.2007 Air Sahara 443 PUNEET KUMAR SHARMA 32 AIRCRAFT MAINTENANCE ENGINEER 2479185 DIPLOMA AME 10 15.05.2004 Alliance Air 444 PUNEET MUNJAL 34 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 12 14.07.2005 Jet Airways 445 PUNEET SANTOSH KAUSHIK 31 CO-PILOT 2447970 10 +2 CPL 9 25.01.2007 Fresher 446 PUPPALA NIKHILESHWAR 28 CO-PILOT 2599000 10 +2 CPL 8 16.05.2006 Air Deccan 447 R. ANANTHA PADMANABAN 32 AIRCRAFT MAINTENANCE ENGINEER 2411610 DIPLOMA AME 10 20.01.2006 Jet Airways 448 R. K. SHARMA 38 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 16 11.09.2003 Gujarat Airways 449 R. NARAYANAN 40 LINE MAINTENANCE MANAGER 3271650 Intermediate + AME Diploma 18 19.04.2007 Jet Airways 450 R. SARAVANAA 33 Sr. Aircraft Maintenance Engineer 2776110 AME Diploma B.Sc 11 15.06.2005 Blue Dart Aviation 451 R. SATISH 33 TRANSITION CAPTAIN 2831616.27 CPL 11 19.04.2007 Fresher 452 R. SENTHIL VELAN 38 SHIFT IN-CHARGE 2937360 Intermediate + AME Diploma 16 13.04.2007 Jet Airways 453 RAGHUBIR SINGH GILL 63 SENIOR EXECUTIVE PILOT 4351618.45 10+2 CHPL 41 15.04.2008 Domestic Carrier 454 RAHUL KAPOOR 27 AIRCRAFT MAINTENANCE ENGINEER V 2409360 AME Diploma 7 12.11.2007 Spice Jet 455 RAHUL MONDAL 31 AIRCRAFT MAINTENANCE ENGINEER 2414535 DIPLOMA AME 9 02.04.2007 Indian Airlines 456 RAHUL NAIR 27 CO-PILOT 2441133.34 10 +2 CPL 3 10.12.2007 Fresher 457 RAHUL SHRIVASTAVA 29 CO-PILOT 2405090 10 +2 CPL 9 01.07.2006 Air Deccan 458 RAHUL SINGHAL 34 CAPTAIN 5042532.65 10+2 ATPL 12 04.10.2005 Air Deccan 459 RAJ L. ANDRADE 52 GENERAL MANAGER - ALLIANCES CODESHARES 2895340 B. Com 30 18.02.2008 Peak Performance International 460 RAJA RAMACHANDRAN 47 CAPTAIN 4178431 ATPL 25 02.01.2009 IAF 461 RAJEEV CHADHA 41 CO-PILOT 2719875 10 +2 CPL 19 01.07.2008 Go Air 462 RAJEEV PANDEY 50 CAPTAIN 6751631 M.Sc. 30 08.05.2006 Indian Navy 463 RAJENDRA GANGARAM GAVALI 39 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 17 01.07.2006 Air India 464 RAJENDRA GANGARAM MORE 39 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 17 01.07.2006 Air India 465 RAJESH BHAT 46 INSTRUCTOR 6233739.33 MSC 24 01.10.2005 IAF 466 RAJESH G. CHHODA 40 Captain 5080955.67 H.S.C. S.Y .B.Com 18 18.07.2005 Dubai Airways 467 RAJESH MALIK 41 INSTRUCTOR 6408634 HSC 19 24.06.2005 Singapore Airlines 468 RAJESH RAMAN 37 Shift In-Charge 2649360 AME Diploma B.Sc 15 10.01.2005 Air Sahara 469 RAJESH SASIDHARAN 36 SHIFT IN- CHARGE AC 3225360 B. T ech Aeronautical Engineering 14 14.07.2005 Jet Airways 470 RAJESH SUYASH 40 ATR FLEET MANAGER 3037360 AME Diploma B.Sc 18 27.02.2006 Jet Airways 471 RAJESH VERMA 51 EXECUTIVE VICE PRESIDENT 11815161 B.A. PGDBM 25 20.06.2006 Jet Airways 472 RAJIB BHATTACHARYA 43 CHECK PILOT 5647260.67 H.S.C. 21 28.04.2006 Alliance Air 473 RAJIV BATTISH 51 CAPTAIN 5213105.33 10+2 ATPL 31 01.05.2004 Air Deccan 474 RAJIV KOTHIYAL 52 EXAMINER 6909551 10+2 ATPL 26 01.01.2009 Deccan 475 RAJIV KUMAR 34 Co-Pilot 2449969.84 CPL 12 01.08.2006 Fresher 476 RAJKUMAR 48 CHECK PILOT 5973185 10+2 A TPL 28 03.04.2004 Air Deccan 477 RAJNARAYAN SINGH 36 Aircraft Maintenance Engineer 2698710 AME Diploma 14 20.01.2006 DN 478 RAJNEESH RAHEJA 35 AIRCRAFT MAINTENANCE ENGINEER 2409360 B.A. + AME Diploma 13 09.01.2007 Alliance Air 479 RAJNISH VERMA 45 CAPTAIN 5208180.33 H.S.C. 23 01.09.2005 R.S.F .A. Govt. of Rajasthan 480 RAJU RAJBANSHI 48 CAPTAIN 6292822 ATPL 26 16.06.2005 ROY AL NEPAL AIRLINES 481 RAJU SINGH MAHARJAN 34 CAPTAIN 6093765 Senior Secondary 12 21.02.2008 SIT A AIR 482 RAKESH GUPTA 62 General Manager - Engineering Training 2961360 B.Sc M.B.A. 38 09.05.2005 Emirates Airlines 483 RAKESH KAPOOR 45 EXAMINER 6384844 10+2 A TPL 23 15.04.2008 IAF 484 RAKESH KUMAR CHOUDHARY 34 Aircraft Maintenance Engineer 2699610 DIPLOMA AME 12 14.07.2005 Jet Airways 485 RAMACHANDRA BHAT 31 SHIFT IN-CHARGE 2946960 Intermediate + Diploma in Industrial Electronics 9 20.02.2006 Jet Airways 486 RAMAN MAHAVEERA 61 Captain 5760741.67 HSC 37 01.12.2005 UB Air 487 RAMANNA G. MANTUR 40 CO-PILOT 2401760 CPL 18 04.01.2007 CFI 488 RAMDHANI GUPTA 56 MANAGER - IFE 2749360 AME Diploma 31 03.10.2006 Sahara 489 RAMESH KUMAR DEWAN 64 CAPTAIN 5596765.33 10+2 ATPL 44 19.09.2005 Air Deccan 490 RAMNEET BHANGAL 41 Sr. Co-Pilot 3471319.33 B.A. 19 27.06.2005 Patiyala Flying Club 491 RANDAL PATRICK ROACH 65 CAPTAIN 6383606 ATPL 43 26.07.2006 AIR JAMAICA 492 RANDY RANO 32 ENGINEERING INSTRUCTOR 2408580 AME DIPLOMA 10 23.02.2009 Aviation Partnership Philippines Corp 493 RANJAN SAIKIA 40 TRANSITION CAPTAIN 2990458.67 10+2 ATPL 18 27.09.2007 Fresher 494 RANVEER JHANGIANI 34 CAPTAIN 5623927.33 ATPL 12 24.06.2008 Go Air 495 RASHID KHAN M.M. 37 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 15 01.07.2006 Air India 496 RAUL ABRAHAM ALANIZ 51 CAPTAIN 6475492 ATPL 29 16.02.2007 T ACA AIRLINES 497 RAVI KURUMADDALI 45 ASSISTANT MANAGER - IFE 2649360 AME Diploma B.Sc 23 22.08.2005 Air India 498 RAVI NATHAN 50 CAPTAIN 5758542.33 10+2 ATPL 30 08.06.2003 Air Deccan 499 RAVINUTALA SRINIVASA RAO 51 LINE MAINTENANCE MANAGER 2889360 B. Tech Mech 29 10.02.2005 Indian Airlines 500 REHAL H S 53 CAPTAIN 5137204.67 10+2 ATPL 33 21.04.2004 Air Deccan 501 RENATO STORINO 55 CAPTAIN 7294012 ATPL 33 14.12.2005 TOT AL AIRLINES 502 RICARDO JARAMILLO 39 CAPTAIN 7414996 ATPL 17 01.05.2007 Serca Aeropurto El Dorado Bogota 503 RIKKI GUPTA 24 Co-Pilot 2505510 CPL 4 12.10.2006 Fresher 504 RISHI RAJ CHA TTERJEE 37 EXAMINER 6520583.33 H.S.C. 15 02.11.2006 Air Deccan 505 RISHI SAWHNEY 36 CO-PILOT 2422410 CPL 14 15.01.2007 BOA 506 RITESH CHAUDHARY 36 Maintenance Controller 2937360 AME Diploma B.Sc 14 27.02.2006 Jet Airways 507 RITESH R. PILLAI 33 Maintenance Controller 2937360 AME Diploma B.Sc 11 11.07.2005 Air Sahara 508 ROBBIN LOMBE MUBANGA 58 CAPTAIN 5549444 ATPL 36 11.12.2007 Air Bissau 509 ROBERT ROWLEY MAC LN 50 CAPTAIN 6917390 ATPL 28 12.08.2008 American Eagle 510 ROHAN SAHDEV 22 CO-PILOT 2511960 CPL 2 01.04.2008 Fresher

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11 STATEMENT OF PARTICULARS OF EMPLOYEES Contd. SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS DATE OF COMMENCEMENT OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 511 ROHIT BHASIN 29 Aircraft Maintenance Engineer 2412960 DIPLOMA AME 5 12.12.2005 Jet Airways 512 ROHIT SHARMA 25 CO-PILOT 2401710 CPL 4 24.07.2006 Fresher 513 ROMIT ARTE 26 CO-PILOT 2411530 CPL 2 01.04.2008 Fresher 514 RONALD NAGAR 60 SR. VP - OPERA TIONS TRAINING 10329360 ISC 35 19.02.2008 Indian Airlines 515 ROSHAN C BIRUA 27 CO-PILOT 2490580 10 +2 CPL 7 19.03.2007 Air Deccan 516 RUBI ARYA 38 VICE PRESIDENT - HUMAN RESOURCES 5033040 B.E.PGDBM IR - XLRI 16 10.10.2004 T riumph Distillers Vintners Pvt Ltd. 517 S. B. RAJENDRAN 48 AIRCRAFT MAINTENANCE ENGINEER 2457360 DIPLOMA AME 25 15.05.2004 Armed Services 518 S. HARI SANKAR 43 Aircraft Maintenance Engineer 2409360 DIPLOMA AME 21 05.12.2005 DNA T A 519 S. KASTURI CHARI 41 SHIFT IN-CHARGE 2873610 Intermediate + AME Diploma 19 19.04.2007 Jet Airways 520 S. R. GIRISH KUMAR 33 CO-PILOT 2440380 10 +2 CPL 11 04.01.2007 Fresher 521 S. SASIKUMAR 32 Aircraft Maintenance Engineer 2409360 DIPLOMA AME 10 20.01.2006 Jet Airways 522 S. VENKATACHARY 31 CAPTAIN 5460430 B. A 9 13.07.2006 TVS Motor Company 523 SABAN KUMAR SINGH 53 CAPTAIN 4977919.33 10+2 ATPL 33 09.05.2005 Air Deccan 524 SACHIN S.SHAH 29 Co-Pilot 2860220 B.Sc 4 29.09.2005 Air Sahara 525 SACHIN SINGH 29 CO-PILOT 2454120 CPL 3 29.03.2007 Fresher 526 SACHIN SURYAKANT PAWAR 34 CAPTAIN 3536363.9 HSC 12 08.05.2006 Gold Star Aviation 527 SAI PRASAD KONDAVEETI 44 Shift In-Charge 2629360 B.A. AME Diploma 22 20.03.2006 Jet Airways 528 SAIBAL BASAK 44 AIRCRAFT MAINTENANCE ENGINEER 2410710 AME Diploma 22 01.09.2007 Blue Dart Aviation Ltd. 529 SAILESH NIRAULA 38 CAPTAIN 6097955 ATPL 16 22.03.2008 BUDDHA AIR 530 SAJEEV K. C. 42 AIRCRAFT MAINTENANCE ENGINEER 2697360 Electrical Diploma 20 08.01.2007 Spice Jet 531 SAJEEV KUMAR RAMAKRISHNAN 36 AIRCRAFT MAINTENANCE ENGINEER 2429160 DIPLOMA AME 14 20.06.2006 Indamer 532 SAKSHI SHARMA 27 CO-PILOT 2407000 10 +2 CPL 7 21.03.2008 Air Sahara 533 SAMARJEET SINGH CHEE 34 DGM - FLIGHT OPERATIONS DEL 6930781 10+2 ATPL 12 01.01.2009 Deccan 534 SAMEER HARISHCHANDRA ACHARYA 33 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 11 04.09.2006 Jet Airways 535 SAMEER MEHRA 46 CHECK PILOT 5862628.67 Graduate of National Defence Academy 24 04.08.2005 Indian Navy 536 SAMIR SHAH 53 SYNTHETIC FLIGHT INSTRUCTOR 6036986.67 HSC 31 03.01.2005 IAF 537 SAMIR SHEOPORI 58 CAPTAIN 5901303.33 HSC 28 03.01.2005 Alliance Air 538 SANDEEP KAKKAR 43 CHECK PILOT 5817764.67 B.A. 21 01.10.2006 Air Sahara 539 SANDEEP KUMAR MITTAL 35 Sr. Aircraft Maintenance Engineer 2824110 BCA AME Diploma B.Sc 13 04.04.2005 DN 540 SANDEEP KUMAR NEHRA 42 Co-Pilot 2836600 10+2 CPL 20 20.10.2005 Fresher 541 SANDEEP SEHGAL 35 Co-Pilot 2413150 CPL 13 08.05.2006 Fresher 542 SANDEEP SINGH BEDI 47 CAPTAIN 4933898.33 B.Sc 25 01.01.2008 Indian Navy 543 SANDIP CHAKRABORTY 32 AIRCRAFT MAINTENANCE ENGINEER 2427585 DIPLOMA AME 10 20.01.2006 Sahara 544 SANJAI VASWANI 35 SENIOR MANAGER - POWER PLANT 2989360 MSC Air Transport Management 13 17.12.2007 Rolls- Royce 545 SANJAY BAHADUR 54 AVP - CORPORATE AFFAIRS 3379380 B.A. 28 27.09.2004 T aj Air 546 SANJAY CHOUBEY 32 Aircraft Maintenance Engineer 2426010 AME Diploma B.Sc 10 20.01.2006 12 PCM 547 SANJAY DHAWAN 45 CAPTAIN 4484015 ATPL 23 03.11.2008 IAF 548 SANJAY JOSEPH CEREJO 39 AIRCRAFT MAINTENANCE ENGINEER 2697360 DIPLOMA AME 17 08.02.2006 Air India 549 SANJAY KUMAR THAKUR 29 CAPTAIN 5621235.33 10+2 Maths physics chemistry 3 06.07.2006 Cosmic Air 550 SANJA Y N. MANDAVIA 37 Captain 5754144.33 HSC 15 03.01.2005 Jet Airways 551 SANJAY SUDAN 35 CAPTAIN 5164440 ATPL 13 12.01.2008 Jet Lite I Ltd 552 SANJEEV KUMAR AHUJA 28 CAPTAIN 5796607.33 ATPL 4 09.10.2008 JetLite 553 SANJEEV MARWAH 42 GENERAL MANAGER - FLIGHT OPERATIONS TRAINING 7915515.67 HSC 20 07.03.2006 Indian Airlines 554 SANJEEV SHARMA 37 CHECK PILOT 5916357.33 A TPL 15 01.10.2008 Indigo 555 SANTOSH CHARLES BAPTISTA 61 CAPTAIN 5034857.33 HSC 38 01.01.2007 Air India 556 SANTOSH KUMAR GAUTAM 33 Aircraft Maintenance Engineer 2697360 AME Diploma B.Sc 11 20.01.2006 DN 557 SARASWATHY SUBRAHMANYAM IYER 33 AIRCRAFT MAINTENANCE ENGINEER - TRAINING 2697360 DIPLOMA AME 11 06.07.2007 Deccan 558 SARAVANAN V 32 Sr. Aircraft Maintenance Engineer 2817360 AME Diploma B.Sc 10 04.04.2005 DN 559 SARFARAZ ZAKIR 23 CO-PILOT 2467790 10 +2 CPL 4 24.10.2007 Air Deccan 560 SASHANK PURI 25 CO-PILOT 2425650 CPL 2 31.03.2008 Fresher 561 SATBIR 33 AIRCRAFT MAINTENANCE ENGINEER 2704778 AME Diploma 11 06.09.2004 Hindustan Aviation ltd. 562 SATHYA NARAYANAN BALARAMAN 31 CAPTAIN 3117976.02 10+2 ATPL 9 12.07.2006 Fresher 563 SATISH CHANDRA PANDEY 54 CAPTAIN 5569684 M.A. 32 06.04.2006 Jay Pee Assocaites Ltd. 564 SATISH KUMAR 35 Aircraft Maintenance Engineer 2412510 DIPLOMA AME 13 14.07.2005 Jet Airways 565 SATISH KUMAR DHANKHAR 43 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 21 22.08.2005 Jet Airways 566 SATVIR SINGH DHALIWA 43 CO-PILOT 2455530 10 +2 CPL 21 01.04.2009 Air Deccan 567 SATYA MISHRA 31 AIRCRAFT MAINTENANCE ENGINEER AC 2439735 AME Diploma 9 15.01.2007 Sahara 568 SAURABH NAGPAL 30 CO-PILOT 2444900 10 +2 CPL 8 09.02.2007 Fresher 569 SENDIL NATARAJAN 35 CAPTAIN 2599465.27 10+2 ATPL 13 21.10.2006 Air Deccan 570 SERGIO CARRASCO 41 CAPTAIN 7777617 ATPL 19 21.02.2006 AIR ACES 571 SERGIO EDGARDO MARTI 34 CAPTAIN 6162139 ATPL 12 21.02.2008 T ACA AIRLINES 572 SERGIO ESTUARDO VALD 49 CAPTAIN 6366170 ATPL 27 16.02.2007 T ACA AIRLINES 573 SHAHEER KHAN S. 31 Aircraft Maintenance Engineer 2409360 DIPLOMA AME 9 10.01.2005 Deccan 574 SHAHIL BHAT 33 LINE MAINTENANCE MANAGER 2889360 AME Diploma B.Sc 11 10.01.2005 Air Sahara 575 SHAILAJA GOPINATH 32 TRANSITION CAPTAIN 2674327 CPL 10 19.01.2007 CFI 576 SHAILENDAR SINGH NEG 45 CAPTAIN 4171408 ATPL 23 05.01.2009 IAF 577 SHAILENDRA 33 TRANSITION CAPT AIN 2635315.39 CPL 11 22.06.2006 Fresher 578 SHAILENDU RANJAN 36 CAPTAIN 3534871.38 B. Sc 14 01.09.2005 Academy Of Carver Aviation Pvt Ltd 579 SHAILESH BORKAR 45 AVP - FINANCE 3387788 C. A. 23 08.06.2005 Herbertsons Ltd 580 SHAILESH KUMAR GAUT A 28 CO-PILOT 2493790 10 +2 CPL 8 17.08.2006 Air Deccan 581 SHAILESH V . SHETTY 33 Co-Pilot 2898440 HSC 11 08.09.2005 Air Decaan 582 SHAMBHU KUMAR 39 AIRCRAFT MAINTENANCE ENGINEER 2461410 DIPLOMA AME 17 20.06.2006 Jet Airways 583 SHAMOIL SAIFEE LOYMO 26 CO-PILOT 2475625 10 +2 CPL 2 01.04.2008 Fresher 584 SHASHANK KANSAL 29 AIRCRAFT MAINTENANCE ENGINEER 2704328 AME 3 01.10.2004 Jagson Airlines 585 SHASHIKALA CHEEDALLA 29 AIRCRAFT MAINTENANCE ENGINEER 2409360 DIPLOMA AME 4 01.02.2006 Air India Express 586 SHITAL PATEL 36 CAPTAIN 6052790 ALTP 14 26.07.2008 Aer Arrann 587 SHIVRAJ SINGH HADA 48 CAPTAIN 4999002.67 10+2 ATPL 28 02.11.2004 Air Deccan 588 SHRAVAN RUSTAGI 29 CO-PILOT 2432380 10 +2 CPL 3 08.01.2007 Fresher 589 SHREYAS PINGE 26 TECHNICAL SERVICES ENGINEER 2409360 AME Diploma 6 01.11.2007 Spice Jet 590 SHREYASH S DHAVALE 29 CO-PILOT 2739470 10 +2 CPL 9 08.06.2005 Air Deccan 591 SHRIMOY ANAND AGARWALA 29 CO-PILOT 2433530 10 +2 CPL 3 19.01.2007 Fresher 592 SHYAM KALRA 44 CAPTAIN 5672697 ATPL 22 09.10.2008 JetLite 593 SIDDARTHA GAUR 34 AIRCRAFT MAINTENANCE ENGINEER 2426010 AME Diploma 12 12.08.2004 Gujarat Airways 594 SIDDHARTH BHA TNAGAR 29 CO-PILOT 2506810 CPL 6 30.11.2007 Jet Airways 595 SIDDHARTHA DEV 36 CO-PILOT 2428420 10 +2 CPL 14 21.05.2005 Air Deccan 596 SIDDHARTHA KAUSHAL 36 CHECK PILOT 6198404.67 H.S.C. 14 28.05.2006 Silk Air Pvt. Limited 597 SIKANDAR SHARMA 31 MANAGER - FOQA A320 6124592 HSC 9 15.01.2005 Jet Airways 598 SIMRANJIT S MANN 31 CAPTAIN 5548426.33 10+2 ATPL 9 27.09.2003 Air Deccan 599 SIMREN GHUMMAN 37 CAPTAIN 5434149 10+2 ATPL 15 26.09.2003 Air Deccan 600 SINGH R V 40 TRANSITION CAPTAIN 3726219 10+2 ATPL 18 20.06.2005 Air Deccan 601 SISIR KANTA PANDA 36 CAPTAIN 2657314.19 10+2 ATPL 14 13.06.2006 Fresher 602 SIVAKAMESH GANDURI 29 Sr. Aircraft Maintenance Engineer 2817360 AME Diploma B.Sc 5 06.01.2005 DN 603 SOURAV SINHA 44 CHIEF INFORMATION OFFICER 6676412 MTECH 22 27.06.2008 Qatar Airways 604 SREENIVAS Y. 44 SHIFT IN-CHARGE V 2790026.68 B. E. Electronics 22 18.07.2005 Air India 605 SRINIVAS CHILLARA 46 CAPTAIN 4997765.67 M.Phil M.Sc. 24 01.03.2007 Indian Air Force 606 SRINIVAS RAO 42 GM - FLIGHT DISPATCH TECHNICAL RECORDS PERFORMAN 7687256 B.Sc. 20 03.10.2006 Sri Lankan Airways 607 SRINIVAS RAO 30 SHIFT IN-CHARGE 2706360 Intermediate + AME Diploma 8 01.01.2009 Air Deccan 608 SRIRAM REDDY GUNDA 37 CAPTAIN 4059819.67 M. A 15 08.05.2006 ProAircraft Flt T rg Ctr Fort USA 609 ST PIERRE STEPHEN RI 62 CAPTAIN 8122665 ALTP 28 08.07.2008 Air Canada 610 STEVEN HADDAWAY 53 CAPTAIN 7406709 ATPL 31 01.06.2007 United Airlines 611 SUBHASISH GHOSH 39 SHIFT IN-CHARGE 2969860 AME Diploma B.Sc 17 20.03.2006 DN

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12 STATEMENT OF PARTICULARS OF EMPLOYEES Contd. SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS DATE OF COMMENCEMENT OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 612 SUBIR MUKERJEE 49 Captain 5751600.33 BSC 25 27.06.2005 Jindal Steel 613 SUBRATA BOSE 51 CAPTAIN 5243457.67 M. Sc 27 04.01.2007 IAF 614 SUGATA KHASTAGIR 35 MANAGER AIRFRAME 3177360 AME Diploma B.Sc 13 10.01.2005 Air Sahara 615 SUJIT KUMAR G 34 CO-PILOT 2461510 10 +2 CPL 12 26.12.2006 Air Deccan 616 SUKANTO SENGUPTA 34 Aircraft Maintenance Engineer 2707710 AME Diploma B.Sc 12 20.01.2006 Air Deccan 617 SUMAN B. SOLANKI 32 CO-PILOT 2418290 CPL 10 30.04.2007 Fresher 618 SUMAN SIDDHAVATULA 31 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 9 14.02.2006 Jet Airways 619 SUMANT MISRA 44 DGM - FLIGHT OPERA TIONS BOM/AMD 7672560 HSC 22 15.06.2005 Singapore Airlines 620 SUMESH SHARMA 42 SR. CO-PILOT 3048187.1 B.Com 20 01.04.2005 Air Deccan 621 SUMIT CHOUDHRY 34 LINE MAINTENANCE MANAGER 3177360 Intermediate + AME Diploma 12 17.08.2004 Air Sahara 622 SUMIT KUMAR GUPTA 40 SHIFT IN-CHARGE 2649360 AME Diploma 18 18.07.2005 KLM 623 SUMIT SABNIS 37 CAPTAIN 5128582.67 B.E. 15 09.05.2005 Relience T TL 624 SUNDEEP KUMAR AGGARWAL 35 Sr. Aircraft Maintenance Engineer 2529360 AME Diploma B.Sc 13 21.02.2005 Air Sahara 625 SUNDEEP TRIVEDI 34 TRANSITION CAPTAIN 2689309.33 CPL 12 15.09.2006 Alliance Air 626 SUNIL DUTT 35 CO-PILOT 2438790 CPL 13 18.07.2007 Sahara 627 SUNIL KAPPATAN 38 GM - IT INFRASTRUCTURE SECURITY 3189360 BTECH 16 08.12.2008 Qatar Airways 628 SUNIL KUMAR DAS 41 SENIOR EXECUTIVE PILOT 3609360 10+2 A TPLH 19 28.02.2008 Domestic Carrier 629 SUNIL KUMAR S P 39 CAPTAIN 3835296.77 10+2 ATPL 17 27.06.2005 Air Deccan 630 SUNIL MALHOTRA 49 CAPTAIN 4643083.67 H.S.C. 27 17.11.2007 Silk Air 631 SUNIL PRASAD PRADHAN 51 CAPTAIN 4748632 ATPL 29 28.10.2008 Cosmic Air 632 SUNITA VERMA 31 Co-Pilot 2406040 CPL 9 12.10.2006 Fresher 633 SUPARNA JOSHI 44 CAPTAIN 4249152.68 B.A. 22 10.04.2007 Alliance Air 634 SUPRIYA THAKUR 40 Co-Pilot 2885870 10+2 CPL 18 07.11.2005 Fresher 635 SURAJ VERMA 49 GENERAL MANAGER - IN-FLIGHT PRODUCTS 2409360 DHM 25 10.08.2006 Jet Airways 636 SURENDRAKUMAR B. KHARE 42 Aircraft Maintenance Engineer 2409360 DIPLOMA AME 20 12.08.2005 Pawan Hans 637 SURESH BALASUBRAMANIAN 42 Co-Pilot 2881760 10+2 Maths physics chemistry 20 07.11.2005 Crescent Air Cargo Pvt Ltd 638 SURINDER KUMAR BHA T 51 CHECK PILOT 5343167 M.Sc. 29 01.07.2005 Indian Air Force 639 SUSHANT TEWARY 32 Co-Pilot 2432830 10 +2 CPL 10 01.08.2006 Fresher 640 SYED AHMED UROOJ 33 AIRCRAFT MAINTENANCE ENGINEER 2699160 DIPLOMA AME 11 18.08.2003 Fresher 641 SYED MOHAMMED NASR A 31 CO-PILOT 2462340 10 +2 CPL 9 06.05.2006 Air Deccan 642 SYRUS S. MAZDA 54 Captain 5814636.33 HSC 29 01.09.2005 Blue Dart Aviation 643 T. BASKAR 44 INSTRUCTOR 6178856.33 B.Sc. 22 23.08.2006 Indian Airlines 644 T. S. LAKSHMI 32 AIRCRAFT MAINTENANCE ENGINEER 2416110 DIPLOMA AME 10 12.04.2007 Jet Airways 645 T. VENKATACHALAM 40 Manager - Maintenance Control 3466260 H.S.C. A.M.E. Diploma 18 18.07.2005 Air France 646 T.G.N.SHYAM KUMAR 31 Sr. Aircraft Maintenance Engineer 2529810 AME Diploma B.Sc 9 12.01.2005 DN 647 TALMAT AMAR FERMAT 61 CAPTAIN 8219347 ATPL 39 02.05.2008 AIR ALGERIA 648 TARUN SINGH KANWAR 45 CAPTAIN 4391935 ATPL 23 01.12.2008 IAF 649 TEGHJEET MALHOTRA 41 CAPTAIN 5837165.33 10+2 ATPL 19 22.04.2004 Air Deccan 650 TEJAS SUDHIR SHAH 23 CO-PILOT 2442070 CPL 3 30.04.2007 Fresher 651 TEJINDER PAL SINGH G 57 CHECK PILOT 6641297.33 10+2 ATPL 37 28.06.2003 Air Deccan 652 TEJVIR SINGH TOMAR 52 CHECK PILOT 5480612 HSC 26 06.08.2005 IAF 653 THEMIYA ABEYWICKRAMA 46 CAPTAIN 9682280 ATPL 24 15.03.2008 Srilankan 654 THOMAS KURIEN EZHOMURI 47 Co-Pilot 2890390 10+2 Maths physics chemistry 25 05.10.2005 Air Equator 655 TRILOCHAN DAS 47 Aircraft Maintenance Engineer 2705010 DIPLOMA AME 25 20.01.2006 Armed Services 656 U. A. JOGLEKAR 65 Captain 5255724.33 HSC 39 25.04.2005 Air Deccan 657 UDAY MANOHAR KOLHATKAR 52 CAPTAIN 5912079 HSC 26 03.01.2005 Air Deccan 658 UDAY PRABHAKAR GURJA 52 CAPTAIN 3299295.67 10+2 ATPL 32 21.06.2003 Air Deccan 659 ULHAS BHIMRAO KHADTALE 63 CAPTAIN 5580241 ATPL 41 22.08.2007 Indian Airlines 660 UMESH RINDANI 44 AVP - REVENUE ACCOUNTS 3279360 C. A. 22 13.10.2005 Jet Airways 661 UNNIKRISHNAN C. NAIR 43 LINE STATION MANAGER 3177360 AME Diploma B.Sc 21 01.07.2005 KLM Royal Dutch Airlines 662 UPENDRA NARAYAN SINGH 49 Shift In-Charge 2649360 AME Diploma B.Sc 27 17.01.2005 Air Sahara 663 URMEZ PHIROZ MUGASETH 42 Captain 5836227.33 HSC 20 16.08.2005 Air Sahara 664 V SATISH KUMAR 38 TRANSITION CAPTAIN 2620420.79 10+2 ATPL 16 17.02.2006 Air Deccan 665 V. RAJESH 30 AIRCRAFT MAINTENANCE ENGINEER AC 2697810 DIPLOMA AME 8 18.08.2003 Jet Airways 666 V.N. VISHWAS 32 Sr. Aircraft Maintenance Engineer 2817360 AME Diploma B.Sc 10 05.01.2005 DN 667 V.S. DHEERENDRA 31 Sr. Aircraft Maintenance Engineer 2817360 AME Diploma B.Sc 9 05.01.2005 DN 668 V.V. SURENDRAN 47 DEPUTY GENERAL MANAGER - TECHNICAL SERVICES 3146160 B.E. Electronics Communication AME Diploma 24 04.04.2005 Jet Airways 669 VAIBHAVI LIMA YE MONGA 41 Co-Pilot 2611263 B. Com 19 10.08.2005 Trans Bharat Aviation 670 VARUN SINGH 21 CO-PILOT 2514220 10 +2 CPL 3 18.09.2007 Air Deccan 671 VEDAM RAMANUJAM DHANANJAY 30 Aircraft Maintenance Engineer 2409360 DIPLOMA AME 8 21.02.2005 Alliance Air 672 VEERENDRARAJAN VERMA 33 CAPTAIN 5194659 ATPL 11 25.06.2008 IAF 673 VENKATA VINAYAKA SIS 44 DGM - ENGINEERING PLANNING 3009360 MTECH 22 31.10.2008 Jet Airways 674 VEPURI RENUKA RAO 30 AIRCRAFT MAINTENANCE ENGINEER 2601360 DIPLOMA AME 8 17.11.2006 Jet Airways 675 VERNON SALDANHA 43 CHECK PILOT 6866728 Diploma In Hotel Management 21 14.02.2008 Srilankan Airlines 676 VIJAY K. ARORA 57 EXECUTIVE DIRECTOR-GLOBAL SALES 6725703 B.A. 33 01.12.2006 United Spirits Ltd. 677 VIJAY KAMAL 52 CHECK PILOT 5807598.67 10+2 ATPL 32 01.05.2005 Air Deccan 678 VIJAY KUMAR AGARWAL 47 CHECK PILOT 6301307.67 ATPL 25 01.10.2008 Indigo 679 VIJA Y KUMAR REDDY 54 Captain 5747766 HSC 28 01.04.2005 Jet Airways 680 VIJAY KUMAR VASUDEV 63 MANAGER - FOQA A320 5768462.67 M.Sc 43 16.07.2007 Air India 681 VIJA Y RAGHAVA. B 27 CO-PILOT 2468780 CPL 3 16.04.2007 Fresher 682 VIJAY SEKHAR PODA 55 CAPTAIN 4682317 ATPL 33 01.08.2008 IAF 683 VIKAS NIGAM 46 SENIOR EXECUTIVE PILOT 3609360 10+2 CHPL 26 01.04.2009 Pawan Hans 684 VIKRAM BAHRI 37 AIRCRAFT MAINTENANCE ENGINEER AC 2416560 DIPLOMA AME 15 10.08.2006 Sahara 685 VIKRAM JAISWAL 42 CAPTAIN 3892775.99 10+2 ATPL 20 12.08.2005 Air Deccan 686 VIKRAM KAPOOR 42 CAPTAIN 5898708 B.Com. 20 03.10.2006 Sahara Airlines 687 VIKRAM SINGH BAL 37 Co-Pilot 2928720 10+2 Maths physics chemistry 15 01.09.2005 Patiala Aviation Club 688 VIMAL ROY 38 DEPUTY CHIEF - FLIGHT SAFETY 7600652 HSC 16 03.01.2005 Jet Airways 689 VINAYAK KATAMBLE 33 CAPTAIN 5355314.83 10+2 ATPL 11 05.12.2003 Air Deccan 690 VINOD ARORA 42 CAPTAIN 5092791 Graduation 20 09.01.2008 Jet Lite I Ltd 691 VINOD KUMAR 32 AIRCRAFT MAINTENANCE ENGINEER 2417910 AME Diploma + B.Sc 10 02.04.2007 Indian Airlines 692 VINODH KUMAR 32 SHIFT IN-CHARGE 2698260 Intermediate + AME Diploma 10 03.09.2003 Jet Airways 693 VIPUL MISRA 27 Aircraft Maintenance Engineer 2697360 DIPLOMA AME 4 20.01.2006 Deccan 694 VISHAL GOEL 35 CO-PILOT 2475120 10 +2 CPL 13 05.07.2006 Air Deccan 695 VISHAL GUPTA 27 CO-PILOT 2484120 10 +2 CPL 2 01.04.2008 Fresher 696 VISHAL SANEJA 34 Aircraft Maintenance Engineer 2714010 AME Diploma B.Sc 12 27.02.2006 Jet Airways 697 VISHOK MANSINGH 46 GENERAL MANAGER - ENGINEERING LOGISTICS SYSTEM 6009360 BE 24 05.08.2008 Blue Dart Aviation Ltd 698 VISHWAS GANESH DATAR 53 CAPTAIN 4320005 ATPL 31 17.11.2008 IAF 699 VIVEK RAMCHANDRA PRADHAN 51 VICE PRESIDENT - CATERING SERVICES 3567488 Diploma in Hotel Management 29 29.06.2006 Jet Airways 700 VIVEK SONDHI 47 Captain 5232334.33 HSC 25 09.05.2005 IAF 701 XERXES HOMI BUHARIWA 37 CAPTAIN 5716622 ATPL 15 13.10.2008 Jet Airways 702 Y VENKATARAMANA 48 CO-PILOT 2497240 10 +2 CPL 28 01.07.2006 Air Deccan 703 YASHVEER SANT KUMAR 41 CAPTAIN 6126897 ATPL 19 10.10.2008 Fiji Air 704 YATEEN ANANT PANDIT 37 CAPTAIN 5580594.33 B. Com 15 11.06.2005 Buddha Air Pvt Ltd 705 YATISH SAXENA 47 CAPTAIN 4170360 ATPL 25 02.02.2009 IAF 706 Y AZAD DINY AR ENGINEER 22 CO-PILOT 2423160 CPL 3 02.07.2007 Fresher 707 YOGENDRA PRITHVIRAJ URS 44 Co-Pilot 2410720 10 +2 CPL 22 06.12.2006 Fresher 708 YOGINDER RATHI 30 CAPTAIN 3772662.32 B.A 8 04.04.2006 Fresher 709 YOUNUS ISLAM SHAIKH 39 SHIFT IN-CHARGE 2649360 AME Diploma 17 01.07.2006 Air India 710 YVES JEAN DUMONT 37 CAPTAIN 7331677 ATPL 15 16.11.2007 DHL 711 ZORAN RAKIC 49 CAPTAIN 6789527 ATPL 27 01.06.2007 JA T Airways 712 ZUBIN K GEORGE 35 SR. CO-PILOT 2442622.53 10+2 A TPL 13 21.01.2005 Air Deccan

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13 Employed for part of the year and were in receipt of remuneration at the rate of not less than Rs. 200000 per month STATEMENT OF PARTICULARS OF EMPLOYEES Contd. SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS Date of Commencement OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 1 AKHIL MITTAL 28 CO-PILOT 1627460 CPL 3 19.04.2007 Fresher 2 AKSHAY HASIJA 37 SR. CO-PILOT 280010.93 CPL 13 01.03.2008 Sahara 3 ALDO OSMUNDO LOPEZ V 37 CAPTAIN 5282545.7 ATR 15 24.05.2006 T ACA INTERNA TIONAL 4 ALFRED ROBERT COUTINHO 35 Assistant Manager - Airports 1509876 Graduate 13 30.05.2005 Jet Airways 5 ALPHEY SHAO 55 CAPTAIN 3050423 ATPL 33 26.03.2008 PRECISION AIR 6 AMADOR EMMANUEL B RO 44 CAPTAIN 3496997.51 Airbus 320 22 05.06.2005 PACIFIC AIRLINES VIETNAM 7 AMARJEET SINGH TOOR 55 CAPTAIN 1199686.65 ATPL 20 26.06.2008 Go Air 8 AMIT AGARWAL 40 SR. VICE PRESIDENT - CORPORATE DEVELOPMENT PLANN 1001846.57 MTECH 17 09.02.2010 Delta 9 ANAMIKA CHAUDHARI 36 SR. CO-PILOT 2215191.29 10+2 A TPL 16 20.06.2006 Air Deccan 10 ANAND RAMACHANDRAN 38 VP - STRA TEGIC FINANCE INVESTOR RELA TIONS 2592744.71 MBA 13 01.05.2007 Reliance 11 ANDRIS VICINSKI 59 CAPTAIN 5727408.06 ATPL 30 16.07.2009 VIP Avia 12 ANG DORJE SHERPA 36 CAPTAIN 1303775 ALTP 12 01.01.2010 ROY AL NEPAL AIRLINES 13 ANG DORJE SHERPA 36 CAPTAIN 5454558 ALTP 18 28.10.2008 Nepal Air 14 ANG GELU SHERPA 41 CAPTAIN 1249190 ALTP 15 01.01.2010 ROY AL NEPAL AIRLINES 15 ANG GELU SHERPA 41 CAPTAIN 6430255 ATPL 17 28.10.2008 Y eti Air 16 ANIL KUMAR SHAW 40 Aircraft Maintenance Engineer 2309418.68 B. Tech Electronics 16 22.08.2005 Air works 17 ANITA SHARAD APTE 33 TRANSITION CAPTAIN 1472421.16 10+2 ATPL 13 05.10.2009 IAF 18 ANNAND KHADT ALE 37 SR. CO-PILOT 438534 HSC 15 06.08.2005 Alliance Air 19 ANTONIO LACUESTA PRU 58 CAPTAIN 3905482.58 ATPL 36 05.07.2006 AIR PHILLIPINES 20 ANTONY BURMER FONGE 48 CAPTAIN 3533143 Line Captain 26 05.06.2005 PHILIPPINE AIRLINES PACIFIC AIRLINE VIETNAM 21 ANUSHA KARIAPPA 29 SR. CO-PILOT 2295994.58 10+2 ATPL 9 17.02.2005 Air Deccan 22 ARUN JAIN 27 SR. CO-PILOT 1811952.69 10+2 A TPL 7 22.04.2005 Air Deccan 23 ARVINDER SINGH 44 TRANSITION CAPTAIN 2006240 10+2 ATPL 25 01.08.2009 IAF 24 ARVINDKUMAR C. SHAH 60 Senior Manager - Accounts 2442266 Bcom 38 01.06.2005 USL 25 ASHAN TISSA DILHAN D 42 LINE CAPTAIN 6707863 ALTP 25 01.05.2009 Srilankan Airlines 26 AUNG NAING KYI 37 3006755 A TPL 15 01.11.2009 Myanmar Airways 27 BABU K FRANCIS 33 SR. CO-PILOT 743324.87 10+2 A TPL 13 12.08.2005 Air Deccan 28 BHUPESH JOSHI 48 AVP - AIRPORT INFRASTRUCTURE 3211848.07 B. Com 23 04.01.2005 Cambata Aviation 29 BIJENDRA SHRESTHA 37 CAPTAIN 521229.14 ALTP 15 01.01.2010 ROY AL NEPAL AIRLINES 30 BIJENDRA SHRESTHA 37 CAPTAIN 5789304 ATPL 13 03.10.2008 Nepal Air 31 BIPIN RAJENDRAN 34 SR. CO-PILOT 1707593.54 10+2 A TPL 15 17.01.2005 Air Deccan 32 BRAIN GENE BOUCHER 54 CAPTAIN 4593706.52 ATPL 30 02.04.2008 Air Canada 33 BRINDER SINGH 33 MANAGER FLIGHT SAFETY 410410 10 +2 CPL 15 01.03.2009 Air Deccan 34 BRUNO FRIES 63 CAPTAIN 2863958 ATPL 41 15.02.2007 T AM AIRLINES 35 BRYAN JOHN WESTBROOK 32 CAPTAIN 4894293 ALTP 11 02.11.2008 Aer Arrann 36 CHANDAN BHATTACHARJE 48 SR. CO-PILOT 485873 10+2 ATPL 28 02.11.2004 Air Deccan 37 CHANDRA SHEKHAR KAPRI 51 SR. CO-PILOT 1318004.17 M. Sc 28 02.03.2007 IAF 38 CHOONG NGIAK TAN 51 INSTRUCTOR - CABIN SERVICES 410780 Graduate 28 23.02.2009 Singapore Airlines 39 CIACOI LUCA 55 CAPTAIN 1096818.45 ATPL 29 20.10.2009 AIR T AROM 40 D. S. VIRK 56 EXAMINER 694337.52 HSC 21 31.01.2007 Air Deccan 41 DADHI RAM NIROLA 61 CAPTAIN 5903662.23 ATPL 39 10.12.2005 ROY AL NEPAL AIRLINES 42 DEEPAK DAYAL GANDHI 64 VP - Operations 2515770 Bsc.LLB 43 01.03.2005 Air Deccan 43 DENNIS MASHA WEKESA 34 CAPTAIN 3200715 ATPL/IR 12 02.03.2008 PRECISIONAIR SERVICES 44 DERRICK GERHARD BARK 47 CAPTAIN 5328745 ATPL 24 17.10.2008 City Skies 45 DETH MOEUN 47 CAPTAIN 3119009 ATPL 25 04.07.2007 Bangkok Airlines 46 DEVANSH GUPTA 29 CO-PILOT 1873449 10+2 ATPL 9 06.08.2005 Air Deccan 47 DEVISH YADAV 43 CHECK PILOT 4427348 B.Com. 14 24.04.2006 Alliance Air 48 DHANANJAY VINAYAK WA 45 TRANSITION CAPTAIN 1747126.98 10+2 ATPL 26 02.09.2009 IAF 49 DHONDUP GYALSHEN 44 CAPTAIN 3292263.77 ATPL 21 16.06.2008 Bhutan Air 50 DIGJINDER SINGH 33 SR. CO-PILOT 1699479.49 B. Sc 11 18.01.2006 Spice Jet Limited 51 DIMITRIOS SIPSAS 58 CAPTAIN 960341 ATPL 36 27.01.2010 OL YMPIC AVIA TION 52 DON CARLU FABIANI 47 CAPTAIN 8147437.65 ATPL 22 20.03.2009 CCM Airlines 53 EDWARD SEBASTIAN LOBO 52 INSTRUCTOR 1016802 B.Sc. 19 02.09.2006 Indian Airlines 54 FRANKLIN GEOVANNY MU 36 CAPTAIN 3229302 ATPL 14 12.09.2008 A TLANTIC AIRLINES 55 GAUTAM NAYYAR 35 SR. CO-PILOT 288758.21 10+2 Maths physics chemistry 13 08.05.2006 Fresher 56 GAWRAV S SHINDE 31 SR. CO-PILOT 2044926.58 10+2 ATPL 11 26.12.2006 Air Deccan 57 GIGANTE RIZALINDO SA 45 CAPTAIN 3315723 ATPL 23 04.04.2006 AIR PHILLIPINES 58 GOPAL RANGANATHAN 43 AVP - REVENUE MANAGEMENT STRATEGY DISTRIBUTION 1326136.06 MBA 17 15.12.2009 Jet Airways 59 GUPTA P K 65 EXAMINER 2121296 10+2 ATPL 45 26.04.2004 Air Deccan 60 GURLOVELEEN SINGH 32 SR. CO-PILOT 1701436.19 10+2 A TPL 12 09.09.2008 Indigo 61 GURU SATARDEKAR 67 GENERAL MANAGER - SABRE SYSTEMS 777313.77 LLM 46 02.01.2006 Air Sahara 62 HERBERT DAGOBERTO CL 53 CAPTAIN 3151984 ATPL 31 27.01.2007 T ACA AIRLINES 63 HETAL SONDARVA 28 CO-PILOT 264732.67 10 +2 CPL 8 24.04.2004 Air Deccan 64 HIMANSHU KHANDELWAL 27 SR. CO-PILOT 1533193.65 10+2 ATPL 7 24.10.2005 Air Deccan 65 ISMAEL AHMAD BASSIR 39 AME 2172985 AME 15 21.05.2007 Air Mauritius 66 JAIN N C 65 CAPTAIN 4506870.6 10+2 ATPL 45 17.01.2006 Air Deccan 67 JAIRAJ DANIEL SUMANTH 52 SR. CO-PILOT 814452.2 B.A 26 22.09.2006 Rajiv Gandhi Aviation Academy 68 JAMES COLLIE FITCH 63 CAPTAIN 4106279 ATPL 41 15.08.2006 SAAD AIRLINES 69 JARNAIL SINGH MALHI 51 TRANSITION CAPTAIN 2702128.04 10+2 ATPL 31 08.05.2009 IAF 70 JAVED ALI 41 SR. CO-PILOT 1696910.34 10+2 ATPL 21 22.12.2004 Air Deccan 71 JERZY ANTONI WEGOREK 43 CAPTAIN 3585734.16 ATPL 19 18.07.2009 White Eagle Aviation 72 JIJI MANLOOR THOMAS 43 Sr. Co-Pilot 1118650.16 B.Sc. 13 01.06.2005 A.R.C. Govt of India 73 JIMMY F MOOS 65 EXAMINER 5222635.67 10+2 A TPL 45 16.06.2004 Air Deccan 74 JORGE HERNAN CIPAGAU 42 CAPTAIN 3942068.16 ATPL 20 02.11.2007 Regional Airlines 75 JOSE JR PINAROC VIDA 61 CAPTAIN 3235324.4 College Graduate 39 14.06.2006 PHIL AIR LINES 76 JOVAN MANOJLOVIC 50 CAPTAIN 5602739 ATPL 28 01.06.2007 JA T Airways 77 K. R. BALASUBRAMANIA 51 AVIONICS MANAGER 4929360 BE Electronics Electrical 26 12.11.2007 Emirates 78 KAMAL KANT DWIVEDI 56 SR. CO-PILOT 1040758.46 M. Sc 32 05.12.2006 IAF 79 KAPIL KUMAR MANGLIK 44 TRANSITION CAPTAIN 615242.92 10+2 ATPL 24 18.01.2010 IAF 80 KARTAR SINGH 38 SR CO-PILOT 660507.33 10+2 Maths physics chemistry 16 08.09.2005 Fresher 81 KARTAR SINGH 38 TRANSITION CAPTAIN 1705460 10+2 ATPL 18 07.09.2009 Qatar Airways / Kingfisher Airlines 82 KHANDELWAL S P 65 CAPTAIN 3677999.91 10+2 ATPL 45 16.06.2004 Air Deccan 83 KONSTANTINOS THANASO 60 CAPTAIN 4073829.87 army aviation flight academy 38 10.05.2005 OL YMPIC AVIA TION 84 KOTHANDARAM KRISHNA 51 TRANSITION CAPTAIN 1990111.58 10+2 ATPL 31 03.08.2009 IAF 85 KUMAR BILAS PANDEY 43 CAPTAIN 4643126.19 ATPL 21 01.06.2007 Air Deccan 86 KUMAR VEERAPPA HIREG 45 TRANSITION CAPTAIN 2240891.58 10+2 ATPL 25 03.07.2009 IAF 87 LAKSHMAN SANKARAN 39 SR. CO-PILOT 1807013.44 CPL 14 02.03.2007 IAF 88 LARRY RUSSELL PALMER 64 CAPTAIN 4803540.2 ATPL 42 15.11.2006 TRANS MERIDIAN 89 LAXMAN PRAKASH BIKRA 44 CAPTAIN 5382947.77 ATPL 22 29.09.2008 Nepal Air 90 LEO UBA HANGCHEMJONG 35 CAPTAIN 4810401.19 ATPL 13 01.06.2007 Air Deccan 91 LJUPCO NIKODINOVSKI 52 CAPTAIN 2200865.94 ATPL 19 14.02.2008 JET Airways 92 LJUPCO NIKODINOVSKI 52 CAPTAIN 2110018.5 A TPL 30 16.11.2009 JET Airways 93 LUSINGU LUBERO MVUNG 37 CAPTAIN 3136945.07 ATPL 15 10.11.2006 PRECISION AIR 94 M S VENKATESHWAR 46 TRANSITION CAPTAIN 2702128.04 10+2 ATPL 26 08.05.2009 IAF 95 M. K. AGARWALA 59 Sr. Co-Pilot 616454.02 M.Sc. 33 07.11.2005 Indian Air Force 96 MAAS HAMZA DEANE 59 LINE CAPTAIN 6248802 ALTP 24 01.05.2009 Srilankan Airlines 97 MADAN KUMAR 43 AIRCRAFT MAINTENANCE ENGINEER 321560 B. Sc 16 22.07.2006 Gamco 98 MAN IULIU GAVRIL 56 CAPTAIN 2620383.52 ATPL 24 19.07.2009 AIR T AROM 99 MANISH MAL 33 Co-Pilot 1439810 B.A 11 18.02.2006 Air One Feeder Airline Pvt Ltd 100 MANOJ CHACKO 40 EVP - COMMERCIAL 3099893.88 MBA 17 21.12.2009 AMEX 101 MANOJ KUMAR AGARWAL 47 TRANSITION CAPTAIN 2684203.79 10+2 ATPL 27 14.05.2009 IAF 102 MAYNOR DAVID LANUZA 50 CAPTAIN 3480717 ATPL 28 22.04.2007 T ACA 103 MOE KYAW 37 CAPTAIN 2002500 ATPL 14 02.11.2008 Myanmar Airways 104 MOHAMMAD MASOUD EZAD 45 CAPTAIN 3599775 ATPL 23 23.03.2007 ASEMAN AIRLINES 105 MUKESH NATH SHARAN 52 INSTRUCTOR 2462857.84 10+2 ATPL 32 08.05.2004 Air Deccan 106 N VISHNU MOHAN UNNIT 44 TRANSITION CAPTAIN 2208632.74 10+2 ATPL 25 07.07.2009 IAF 107 NALLU HARSHAVARDHAN 29 CAPTAIN 808918.67 10+2 ATPL 9 12.07.2003 Air Deccan

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14 STATEMENT OF PARTICULARS OF EMPLOYEES Contd. Notes : 1. Remuneration as shown above includes Salary House Rent Allowance Companys contribution to Provident Fund value of Residential Accommodation and monetary value of perquisites as per Income Tax Rules. 2. Except Capt. Samuel Joseph none of the employees mentioned above is related to a Director of the Company. 3. No Employee is on Contract Employment. Other Terms and Conditions are as per Service Rules of the Company from time to time. For and on Behalf of the Board of Directors Mumbai Dr. Vijay Mallya July 22 2010 Chairman CEO SL. NO. NAME AGE DESIGNATION / NATURE OF DUTIES REMUNERATION RS. QUALIFICATION EXPERIENCE IN YRS Date of Commencement OF EMPLOYMENT PARTICULARS OF PREVIOUS EMPLOYMENT 108 NARAYAN CHANDRA HALD 65 CO-PILOT 1861996.91 10 +2 CPL 45 16.06.2004 Air Deccan 109 NEIL SAMUEL THAKKER 33 Co-Pilot 1537753.65 10 +2 CPL 11 13.07.2006 Fresher 110 NILANJAN BISWAS 45 TRANSITION CAPTAIN 1747126.98 10+2 ATPL 25 02.09.2009 IAF 111 NISHANT CHANDER 31 CO-PILOT 270432.67 10 +2 CPL 11 03.06.2005 Air Deccan 112 NORMAN BROWN PEREZ 52 CAPTAIN 2830936.77 ATPL 12 13.02.2008 T aca International Airlines 113 P NAVNEET KUMAR REDD 25 SR. CO-PILOT 2055344 10+2 ATPL 5 02.02.2006 Air Deccan 114 PABLO ENRIQUE GONZAL 46 CAPTAIN 3667540 ATPL 24 02.03.2007 ESLENA AIRLINES 115 PANKAJ ARORA 48 CAPTAIN 5135428.04 ATPL 25 01.10.2008 Indigo 116 PANKAJ CHOPRA 52 VICE PRESIDENT - FLIGHT SAFETY 1605867 10+2 ATPL 15 27.12.2004 Air Deccan 117 PAWAN ARORA 52 CAPTAIN 1230224 10+2 ATPL 27 01.04.2008 IAF 118 PINAKI G. ROY 39 CAPTAIN 2903241.77 B. A 15 09.05.2005 M.P . Flying Club 119 POOJA SETH 26 SR. CO-PILOT 1528001.78 10+2 A TPL 6 10.05.2005 Air Deccan 120 POPESCU SORIN COSTEL 54 CAPTAIN 2747282.45 ATPL 25 20.10.2009 AIR T AROM 121 PRADEEP ASHOK SUVARN 56 GENERAL MANAGER - SALES KARNATAKA KERALA 1578690.58 ALTP 20 08.08.2008 Jet Airways 122 PRADEEP MALLA 32 CO-PILOT 1620656.58 10 +2 CPL 10 24.01.2008 Fresher 123 PRADEEP SINGH RANDHAWA 54 CAPTAIN 4666776.75 B. Sc / M. Sc M. Phil 30 01.09.2006 IAF 124 PRADIP KUMAR BISWAS 45 TRANSITION CAPTAIN 2621482.92 10+2 ATPL 25 18.05.2009 IAF 125 PRAPHULL RAJ SINGH 47 CAPTAIN 882331.33 HSC 23 17.06.2005 Air Deccan 126 PRASAD K R 54 CAPTAIN 1714720.33 10+2 ATPL 34 18.04.2005 Air Deccan 127 PRASHANNA S.J.B RANA 51 CAPTAIN 4791131.19 ATPL 29 01.06.2007 Air Deccan 128 PRASHANT M. GUNJAL 30 SR. CO-PILOT 1963779.17 10+2 A TPL 8 22.12.2004 Air Deccan 129 PRIYANK KAUSHAL 35 SR. CO-PILOT 2112927.23 10+2 ATPL 15 23.07.2007 Air Sahara 130 PURUSHA Q. MADURO MARTIN 33 CAPTAIN 6190030.74 ATPL 11 08.08.2007 Dutch Antilles Express 131 RAFEL VELOSA ARBELAEZ 51 CAPTAIN 573638.32 ATPL 13 31.08.2007 Air Deccan 132 RAHUL VIJ 34 SHIFT IN-CHARGE 1509040 Intermediate + AME Diploma 12 01.01.2009 Alliance Air 133 RAJAN BHARADWAJ 34 CO-PILOT 227163.09 10 +2 CPL 14 26.05.2005 Air Deccan 134 RAJAN KUMAR GUPTA 45 TRANSITION CAPTAIN 1399840.79 10+2 ATPL 25 14.10.2009 IAF 135 RAJENDRA MAN SHAKYA 52 CAPTAIN 1008230 ALTP 16 01.01.2010 ROY AL NEPAL AIRLINES 136 RAJENDRA MAN SHAKYA 52 CAPTAIN 5372079 ATPL 18 03.10.2008 Nepal Air 137 RAJESH CHANDRA 41 SR. CO-PILOT 356946.63 A TPL 17 29.07.2008 Jet Airways 138 RAJESH KUMAR 42 Captain 4195453.27 B.Sc. 19 03.01.2005 Blue Dart Aviation 139 RAJIV GAUR 55 Captain 2138737.68 HSC 30 28.06.2005 IAF 140 RAJIV KHANNA 42 MAINTENANCE CONTROLLER 2544843.34 AME Diploma 20 01.03.2006 Bharat Aviation 141 RAKESH KUMAR CHAUDHA 44 TRANSITION CAPTAIN 1504680 10+2 ATPL 24 01.10.2009 IAF 142 RAKOCEVIC MIRKO 50 CAPTAIN 1808410.03 ATPL 15 01.06.2007 JA T Airways 143 RANBIR MOHAN 61 EXAMINER 3569367.34 10+2 A TPL 41 18.09.2009 Indian Airlines 144 RANJEET KUMAR SINHA 35 SR. CO-PILOT 2212930.04 10+2 Maths physics chemistry 13 01.09.2005 Carwer Aviation 145 RATAN RATNAKAR 50 VICE PRESIDENT - REVENUE OPTIMISATION 3558508.32 B.Sc Maths 23 30.01.2006 Qatar Airways 146 RAVI KUDARI 47 TRANSITION CAPTAIN 2257020 10+2 ATPL 27 01.07.2009 IAF 147 RAVIKANT SABNAVIS 41 VICE PRESIDENT - MARKETING 5037136.33 MBA 15 23.09.2009 USL 148 RICHARD EMUEL JONES 48 CAPTAIN 3669460.61 CAPTAIN 26 26.03.2007 T ACA AIRLINES 149 RICHARD MASON WHEELE 60 CAPTAIN 3456441 ATPL 38 01.05.2008 T AM AIRLINES 150 RISHI KHERA 35 SR CO-PILOT 425066.17 10+2 A TPL 13 03.01.2005 Fresher 151 RIZWAN IKRAM AHMEDI 34 CO-PILOT 1308004.36 10 +2 CPL 15 18.01.2006 Air Deccan 152 RK KAUSHAL 39 CAPTAIN 4543211.41 10+2 ATPL 19 12.04.2005 Air Deccan 153 ROGERIO SARMENTO VELOSO 47 CAPTAIN 3130646.52 ATPL 12 02.10.2007 T AM 154 ROMAN MRAK 50 CAPTAIN 1593241.39 ATPL 28 01.06.2007 JA T Airways 155 RYAN GOVEAS 31 DGM -TECHNICAL SERVICES 1333960 BSC Aerospace Engineering 9 26.11.2005 Jet Blue Airways 156 SAHIL NARULA 27 SR. CO-PILOT 1573506.69 B. E 4 10.10.2006 Fresher 157 SAIPRASAD K. POTNIS 55 DEPUTY GENERAL MANAGER - LINE MAINTENANCE WIDE BO 1776050.85 B. E. Mechanical 29 15.10.2007 Emirates 158 SAMARJEET SINGH DHIL 29 CO-PILOT 379310 10 +2 CPL 9 23.03.2006 Air Deccan 159 SAMUEL JOSEPH 28 SR. CO-PILOT 960651.71 10+2 A TPL 8 26.07.2005 Air Deccan 160 SANDEEP CARIAPPA 28 SR. CO-PILOT 942334 10+2 ATPL 8 05.09.2005 Air Deccan 161 SANDEEP DHAWAN 44 TRANSITION CAPTAIN 4101010 10+2 ATPL 24 07.04.2009 IAF 162 SANDEEP YADAV 42 CHECK PILOT 1314348.33 B.Sc. 12 21.04.2006 Alliance Air 163 SANJIV YADAV 49 CAPTAIN 1362360.25 10+2 ATPL 29 09.05.2005 Air Deccan 164 SANKARANARAYANAN SAN 45 TRANSITION CAPTAIN 1755460 10+2 ATPL 25 01.09.2009 IAF 165 SANTOSH MATHEW GEORG 29 CO-PILOT 864298.33 10+2 ATPL 9 18.02.2005 Air Deccan 166 SATISH KUMAR SINGH 55 DEPUTY GENERAL MANAGER - BASE MAINTENANCE 5169360 AME Diploma B.Sc 29 22.10.2007 GAMCO 167 SA TISHKUMAR KOHLI 66 Captain 2731657.65 B.Com. 41 08.06.2005 India Airlines 168 SEAN ADAM BELCHER 51 CAPTAIN 1008000 ALTP 12 07.11.2008 Aer Arrann 169 SERVANDO CANTILLAS B 60 CAPTAIN 3631447 Airbus 320 Capt 38 15.11.2006 PACIFIC AIRLINES PHILIPPINE AIRLINES 170 SHABBIR G BHOJANI 33 SR. CO-PILOT 1929956.78 10+2 A TPL 13 20.10.2005 Air Deccan 171 SHARMA B K 65 CAPTAIN 5084343.25 10+2 ATPL 45 16.06.2004 Air Deccan 172 SHISHIR WASANT BORLE 45 TRANSITION CAPTAIN 1245566.98 10+2 ATPL 25 02.11.2009 IAF 173 SIDDHARTH DARSHAN KUMAR 38 SR. CO-PILOT 1676092.59 10+2 ATPL 18 28.12.2005 Air Deccan 174 SINGH R N 66 EXAMINER 1903350.89 10+2 A TPL 46 09.01.2006 Air Deccan 175 SIVA RAMACHANDRAN 54 VP - GLOBAL SALES 2049000 B.Com 33 12.12.2007 Qatar Airways 176 SOORAJ B S 37 CO-PILOT 762133.51 10 +2 CPL 17 22.12.2003 Air Deccan 177 SUMANTH REDDY YAVASA 27 SR. CO-PILOT 627034.7 10+2 ATPL 7 02.01.2006 Air Deccan 178 SUMIT SINGH SRAN 42 CAPTAIN 1119572.67 ATPL 18 13.05.2008 Go Air 179 SUNIL KUMAR SHARMA 48 Captain 1598254.12 M.Sc. 26 26.09.2005 Indian Air Force 180 SUNIL OLI 48 CAPTAIN 663436.76 ALTP 15 01.01.2010 Blue Dart Aviation Ltd 181 SUNIL OLI 48 CAPTAIN 5455028 ATPL 26 28.10.2008 Blue Dart Aviation 182 SURENDRA NATH MOHANTY 52 TRANSITION CAPTAIN 2507800 10+2 ATPL 32 01.06.2009 IAF 183 SURINDER SINGH 40 CAPTAIN 2880111.78 10+2 ATPL 20 10.10.2005 Air Deccan 184 TENZING TSHERING 48 CAPTAIN 3093749 ATPL 19 01.06.2007 Druk Air Corporation 185 TEOFILI KAONGWA 52 CAPTAIN 3081592 ATPL 11 30.11.2007 Air Botswana 186 THADEU FEITOSA DE ME 44 CAPTAIN 3495136.14 ATPL 22 22.02.2007 TOT AL AIRLINES 187 THURA AUNG 37 CAPTAIN 428805 ATPL 15 01.03.2010 Myanmar Airways 188 TRIPPLE ‘P’ GURUNG 41 CAPTAIN 804828.57 ALTP 15 01.01.2010 ROY AL NEPAL AIRLINES 189 TRIPPLE ‘P’ GURUNG 41 CAPTAIN 4601074 ATPL 17 20.02.2009 Nepal Air 190 V. RAJA 56 REGIONAL HEAD OF SALES - SOUTH EAST ASIA SOUTH I 2663316.19 B. Com 34 14.05.2007 Jet Airways 191 VANDANA GOYAL 37 CAPTAIN 1310686.25 10+2 ATPL 18 14.08.2004 Air Deccan 192 VARINDAR NATH SHARMA 57 SENIOR EXECUTIVE PILOT 3172126.01 10+2 CHPL 37 21.09.2009 Global Vectra Helicorptor / IAF 193 VARUN MADHUKAR YENNEMADI 41 INSTRUCTOR 1019509.67 H.S.C. 20 11.07.2006 Indian Airlines 194 VASANT KUMAR G 40 CAPTAIN 442136.99 10+2 ATPL 20 26.03.2004 Air Deccan 195 VASILEIOS VASSOS 61 CAPTAIN 9932408 ALTP 20 02.10.2008 Jet Airways 196 VIKRAM MALHOTRA 34 VICE PRESIDENT - MARKETING 1794858 MBA 14 21.02.2005 UB 197 VIKRANT VINAYAK PATK 38 CAPTAIN 2827854.98 10+2 ATPL 19 20.04.2009 Air India 198 VINAY ARORA 29 SR. CO-PILOT 1698450.1 B.Sc / CPL 5 29.09.2005 Fresher 199 VINOY SIVARAMAN 44 CHECK PILOT 1399128.67 H.S.C. 19 22.05.2006 Air India 200 VIRENDRA VASANT GUPT 53 TRANSITION CAPTAIN 1257450.98 ATPL 20 16.05.2008 Air Sahara 201 WILLIAM CORTESE 49 CAPTAIN 2965786.48 ATPL 27 01.06.2007 Air Deccan 202 XERXES R. RUSTUMJI 31 CAPTAIN 1621202.5 H.S.C. 11 09.01.2006 M.V .P .Aero Academy 203 YE NAING HTUN 37 CAPTAIN 5059371 ATPL 15 01.07.2009 Myanmar Airways

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15 STOCK OPTIONS GRANTED DURING THE YEAR UNDER THE ESOP 2005 2006 Disclosures as required by Clause 12 of the SEBI Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines 1999 Sl.No. Particulars ESOP 2006 ESOP 2005 a Options granted Nil Nil b The Pricing formula Rs. 65/- Rs. 65/- c Options vested 742120 1046150 d Options exercised Nil Nil e The total number of shares arising as a result of exercise of options Nil Nil f Options lapsed 1372000 581170 g Variation of terms of options Nil Nil h Money realized by exercise of options Nil Nil i Total no. of options in force 974000 455170 j Employee wise details of options granted: i Senior managerial personnel Nil Nil ii Any other employee who received a grant in any one year of option amounting to 5 or more of option granted during the year. Nil Nil iii Identified employees who were granted options during any one year equal to or exceeding 1 of the issued capital excluding outstanding warrants and conversions of the Company at the time of the grant Nil Nil k Diluted Earnings Per Share EPS pursuant to issue of shares on exercise of options calculated in accordance with Accounting Standard AS-20 N.A. N.A. l Method of accounting followed for value of charge on stock options as per the Guidance Note on Stock Based compensation by ICAI Intrinsic Value Intrinsic Value m Difference of amount of ESOP charge calculated as per the Intrinsic Value Method and the fair value of the options Black Scholes Method Rs. 2711197 n Proforma Earning Per Share if the Charge have been accounted in accordance with fair value method Black Scholes Method Rs. 61.94 o i Weighted-averaged exercise prices Rs. 65.00 Rs. 65.00 and ii weighted-average fair values of options for options whose exercise price either equals or exceeds or is less than the market price of the stock Rs. 137.93 Rs. 78.54 p A description of the method and significant assumptions used during the year to estimate the fair values of options : i risk-free interest rate N.A. N.A. ii expected life years N.A. N.A. iii expected volatility N.A. N.A. iv expected dividends Nil Nil v the price underlying share in market at the time of option grant N.A. N.A. Report of the Directors Contd.

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16 Corporate Governance 1. Company’s Philosophy on Corporate Governance Your Company is committed to excellence in corporate governance practices and recognizes that good corporate governance is a continuous exercise. Your Company aims at achieving transparency accountability equity and ethics in all facets of its operations and in all interaction with its stakeholders. Your Company believes that all its operations and actions must result in enhancement of overall shareholder value over a sustained period of time without compromising in any way compliance with laws and regulations. 2. Board of Directors During the financial year under review until March 23 2010 your Company’s Board of Directors comprised of 11 Directors out of which 1 is an Executive Director and 10 are Non-Executive Directors. However consequent to the resignation of Capt. G. R. Gopinath and Capt. K. J. Samuel effective March 23 2010 your Company’s Board of Directors comprises 9 Directors out of which 1 is an Executive Director and 8 are Non-Executive Directors. The current constitution of the Board of Directors of your Company is as follows:  Dr. Vijay Mallya - Chairman Managing Director designated “Chairman CEO”  Mr. S. R. Gupte - Vice Chairman Non – Executive Director  Mr. A. K. Ravi Nedungadi - Non – Executive Director  Mr. Vijay Amritraj - Non – Executive Independent Director  Mr. Anil Kumar Ganguly - Non – Executive Independent Director  Mr. Piyush Mankad - Non – Executive Independent Director  Dr. Naresh Trehan - Non – Executive Independent Director  Diwan Arun Nanda - Non – Executive Independent Director  Mr. Ghyanendra Nath Bajpai - Non – Executive Independent Director During the year under review Seven Board Meetings were held i.e. on May 28 2009 June 30 2009 July 28 2009 August 31 2009 October 27 2009 January 20 2010 and March 23 2010. Attendance of each Director at the Board Meetings and the last Annual General Meeting during the year under review and details of number of outside Directorships and Committee positions held by each of your Directors as on date are given below: Sl. No. Name of the Director Category of Directorship No. of Board Meetings attended Attendance at last AGM held on September 29 2009 No. of Other Companies in which Director No. of Committees other than your Company in which Chairman/Member 1. Dr. Vijay Mallya Managing Director designated Chairman CEO 5 Yes 21 1 Chairman of 1 2. Capt. G. R. Gopinath Vice Chairman and Non-Executive Director Non-Independent Director 1 6 Yes N.A N.A. 3. Capt. K. J. Samuel Non-Executive Non-Independent Director² 4 Yes N.A. N.A. 4. Mr. A. K. Ravi Nedungadi Non-Executive Non-Independent Director 5Yes 9 4 Chairman of 1 5. Mr. Vijay Amritraj Non-Executive Independent Director 1 Yes 3 6 6. Mr. Anil Kumar Ganguly Non-Executive Independent Director 6 Yes 2 Nil 7. Mr. Piyush Mankad Non-Executive Independent Director 2No 12 9 Chairman of 2 8. Dr. Naresh Trehan Non-Executive Independent Director 1 No 11 2 Chairman of 1 9. Diwan Arun Nanda Non-Executive Independent Director 4 Yes 11 3 Chairman of 2 10. Mr. Ghyanendra Nath Bajpai Non-Executive Independent Director 4No 18 9 Chairman of 4 11. Mr. S. R. Gupte Vice-Chairman 3 and Non-Executive Non-Independent Director 6 Yes 11 6 Chairman of 4

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17 Corporate Governance Contd. NOTE: The above details are in respect of their Directorship only in Indian Companies. a. Out of 21 other companies in which Dr. Vijay Mallya is a Director 8 are Private Limited companies and 2 are companies incorporated under Section 25 of the Companies Act 1956. b. Out of 9 other companies in which Mr. A. K. Ravi Nedungadi is a Director 3 are Private Limited companies and 1 is a company incorporated under Section 25 of the Companies Act 1956. c. Out of 3 other companies in which Mr. Vijay Amritraj is a Director 2 are Private Limited companies. d. Out of 12 other companies in which Mr. Piyush Mankad is a Director 1 is Private Limited Company. e. Out of 11 other companies in which Dr. Naresh Trehan is a Director 7 are Private Limited companies. f. Out of 11 other companies in which Diwan Arun Nanda is a Director 6 are Private Limited companies. g. Out of 18 other companies in which Mr. Ghyanendra Nath Bajpai is a Director 5 are Private Limited companies and 1 is a company incorporated under Section 25 of the Companies Act 1956. h. Out of 11 other companies in which Mr. S. R. Gupte is a Director 2 are Private Limited companies and 2 are companies incorporated under Section 25 of the Companies Act 1956. 1 Ceased to be Vice-Chairman and Director w.e.f. March 23 2010. 2 Ceased to be Director w.e.f. March 23 2010. 3 Appointed as Vice-Chairman w.e.f. July 22 2010. DISCLOSURE REGARDING RE-APPOINTMENT OF DIRECTORS Directors retiring by rotation and seeking re-appointment Mr. Vijay Amritraj was a recipient of the Padma Shri a designated United Nations Messenger of Peace and a recipient of the International Sportsman of the Year Award for the year 1987. He was the youngest player to play Davis Cup for any country. He subsequently served India in the Davis Cup for 20 years and led India to Davis Cup finals twice in 1974 and 1987. He founded the BAT Britannia Amritraj Tennis Academy in India and also held the position of President of the ATP Association of Tennis Professionals. The details of his Directorships in other Indian Companies and Committee Memberships are as under:- Other Directorships Position held Lam Sports Group Private Limited Director First Serve Entertainment I Private Limited Director Hotel Leela Venture Limited Director Mr. Vijay Amritraj holds the following other Committee positions: Name of the Committee Position held Audit Committee Lam Sports Group Private Limited Member First Serve Entertainment I Private Limited Member Hotel Leela Venture Limited Member Shareholders/Investors Grievance Committee Lam Sports Group Private Limited Member First Serve Entertainment I Private Limited Member Hotel Leela Venture Limited Member Mr. Vijay Amritraj does not hold any shares in your Company. Mr. Anil Kumar Ganguly is a fellow member of the Institute of Chartered Accountants of India. He has over four decades of experience in various facets of corporate management such as finance accounting audit taxation and corporate affairs. He also has rich experience in sales and marketing in India as well as overseas and knowledge in areas of corporate finance management corporate governance audit taxation international marketing and project control. He was the Whole-Time Director of Britannia Industries Limited and was the Managing Director of Nabisco Brands Malaysia. He was also the President of the Indian Builders Corporation group of Companies. He is also a philanthropist and is involved in social welfare activities relating to education and child health. The details of his Directorships in other Indian Companies are as under:- Other Directorships Position held Ossoor Estates Limited Director Wartyhully Estates Limited Director Mr. Anil Kumar Ganguly does not hold any Committee Membership in other Indian Companies. Mr. Anil Kumar Ganguly does not hold any shares in your Company.

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18 Corporate Governance Contd. Mr. Piyush Mankad was a distinguished member of the Indian Administrative Service and served in the Cabinet Committee in the Ministry of Finance. He also serves on the Board of various Companies as an Independent Director. The details of his Directorships in other Indian Companies are as under:- Other Directorships Position held Tata International Limited Independent Director Max India Limited Independent Director DSP Blackrock Investments Managers Private Limited formerly DSP Merrill Lynch Fund Managers Limited Independent Director Tata Elxsi Limited Independent Director ICRA Limited Independent Director United Breweries Holdings Limited Independent Director Heidelberg Cement India Limited formerly Mysore Cements Limited Independent Director M M Financial Services Limited Independent Director Noida Toll Bridge Company Limited Independent Director SRF Limited Independent Director Tata Power Company Limited Independent Director Mahindra Forgings Limited Independent Director Mr. Piyush Mankad holds the following other Committee positions: Name of the Committee Position held Audit Committee Tata International Limited Member DSP Blackrock Investments Managers Private Limited formerly DSP Merrill Lynch Fund Managers Limited Member Noida Toll Bridge Company Limited Member Heidelberg Cement India Limited formerly Mysore Cements Limited Member SRF Limited Member Shareholders/Investors Grievance Committee Heidelberg Cement India Limited formerly Mysore Cements Limited Chairman Noida Toll Bridge Company Limited Member Max India Limited Member Tata Elxsi Limited Chairman Mr. Piyush Mankad does not hold any shares in your Company. 3. AUDIT COMMITTEE The Audit Committee was constituted on December 21 2005 to meet the requirements under both the Listing Agreement and Section 292A of the Companies Act 1956. During the year under review meetings of the Committee were held on May 7 2009 July 28 2009 October 27 2009 and January 20 2010. The details of attendance by members of the Committee are as below: Members Category No. of Meetings Attended Mr. Anil Kumar Ganguly Non-Executive/ Independent 4 Mr. A. K. Ravi Nedungadi Non-Executive/ Non-Independent 3 Diwan Arun Nanda Non-Executive/ Independent 4 Dr. Naresh Trehan Non-Executive/ Independent 1 Mr. S. R. Gupte inducted into the Committee during the year on June 30 2009 Non-Executive/ Non-Independent 3 The terms of reference to the Audit Committee cover the areas mentioned under Clause 49 of the Listing Agreement and Section 292A of the Companies Act 1956 besides some other functions as are referred to it by the Board of Directors which are as follows:- • Regular review of accounts accounting policies disclosures etc. • Review of the major accounting entries based on exercise of judgment by management and review of significant adjustments arising out of audit. • Qualifications in the draft audit report. • Establishing and reviewing the scope of the independent audit including the observations of the auditors and review of the quarterly half-yearly and annual financial statements before submission to the Board. • The Committee shall have post audit discussions with the independent auditors to ascertain any area of concern.

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19 Corporate Governance Contd. • Establishing the scope and frequency of internal audit reviewing the findings of the internal auditors and ensuring the adequacy of internal control systems. • To look into reasons for substantial defaults in the payment to depositors debenture holders shareholders and creditors. • To look into the matters pertaining to the Director’s Responsibility Statement with respect to compliance with Accounting Standards and Accounting Policies. • Compliance with Stock Exchange legal requirements concerning financial statements to the extent applicable. • The Committee shall look into any related party transactions i.e. transactions of the Company of a material nature with promoters or management their subsidiaries or relatives etc. that may have potential conflict with the interests of Company at large. • Appointment and remuneration of statutory and internal auditors. • Such other matters as may from time to time be required by any statutory contractual or other regulatory requirements to be attended to by the Audit Committee. 4. SHARE ALLOTMENT TRANSFERS AND INVESTOR GRIEVANCE COMMITTEE The Share Allotment Transfers and Investor Grievance Committee was constituted on December 21 2005 to operate in terms of the provisions related thereto in the Listing Agreements with the Stock Exchanges and/or the provisions as prescribed or may be prescribed in this regard by the Companies Act 1956. During the year under review the said Committee comprised of the following Directors: • Mr. Anil Kumar Ganguly - Chairman • Mr. A. K. Ravi Nedungadi • Capt. K. J. Samuel Mr. N. Srivatsa Company Secretary was the Compliance Officer of the Company till July 7 2010 and Mr. Bharath Raghavan Chief Legal Officer Company Secretary is the Compliance Officer of the Company with effect from July 8 2010. During the year under review no meetings of the Committee were held. Consequent upon the resignation of Capt. K. J. Samuel the Committee was reconstituted on May 28 2010 and the current composition of the Committee is as given below : • Mr. Anil Kumar Ganguly - Chairman • Mr. A. K. Ravi Nedungadi • Mr. S. R. Gupte During the year under review 10 complaints were received and replied/redressed to the satisfaction of the shareholders. 5. REMUNERATION COMPENSATION COMMITTEE The Remuneration Committee originally constituted on March 16 2005 was reconstituted as the Remuneration Compensation Committee on October 15 2008. The Committee is authorized inter alia to deal with matters relating to framing policies and compensation including salaries and salary adjustments incentives bonuses promotion benefits stock options and performance targets of top executives remuneration of Directors strategies for attracting and retaining employees employee development programmes and other key issues referred by the Board of Directors of your Company. During the year under review the Committee comprised of the following Directors: • Diwan Arun Nanda - Chairman • Mr. Anil Kumar Ganguly • Mr. A. K. Ravi Nedungadi Mr. N. Srivatsa Company Secretary was the Secretary of the Committee till July 7 2010 and Mr. Bharath Raghavan Chief Legal Officer Company Secretary is the Secretary of the Committee with effect from July 8 2010.

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20 Corporate Governance Contd. During the year under review no meetings of the Committee were held. a Sitting fees of Non-Executive Directors : Name of the Director Fees paid for attending Board/ Committee Meetings Rs. Capt. G. R. Gopinath 120000 Mr. S. R. Gupte 150000 Mr. A. K. Ravi Nedungadi 130000 Capt. K. J. Samuel 80000 Mr. Vijay Amritraj 20000 Mr. Piyush Mankad 40000 Mr. Anil Kumar Ganguly 160000 Dr. Naresh Trehan 30000 Diwan Arun Nanda 120000 Mr. Ghyanendra Nath Bajpai 80000 None of the Non-Executive Directors of your Company have any pecuniary relationship or transaction with your Company. b Shareholding of Non-Executive Directors during the year under review. Capt. G. R. Gopinath and Capt. K. J. Samuel Non Executive Directors held 854450 and 655550 Equity Shares of Rs. 10 /- each respectively of your Company as on the date of their resignation. No other Non-Executive Director held shares in your Company as on March 31 2010. None of the Non-Executive Directors owned any shares on beneficial basis during the year under review. 6. GENERAL BODY MEETINGS The details in respect of the last three Annual General Meetings are furnished as under: Financial Year Date Time Venue 2006-2007 December 19 2007 04.00 p.m. Senate Hall Hotel Capitol 3 Raj Bhavan Road Bangalore 560001 2007-2008 December 26 2008 02.45 p.m. Dr. Ambedkar Bhavan Millers Road Vasanthnagar Bangalore – 560052. 2008-2009 September 29 2009 02.45 p.m. Good Shepherd Auditorium Opp. St. Joseph’s Pre-University College Residency Road Bangalore – 560025. All the resolutions set out in the Notices including Special Resolutions were passed by the Shareholders. Postal Ballot Your Company has not passed any resolution at the above Annual General Meetings which was required to be passed through Postal Ballot as per the provisions of the Companies Act 1956 “the Act” and the rules framed thereunder. Pursuant to Section 192A of the Companies Act 1956 your Company conducted Postal Ballot exercises following the provisions and rules framed under the Act for conducting Postal Ballot. The details / results of the Postal Ballot exercises so conducted are as under: Date of Notice of Postal Ballot Date of Scrutinizer’s Report Description Result May 28 2009 July 16 2009 Ordinary Resolution under Section 2931d of the Companies Act 1956 authorizing the Board of Directors to borrow moneys upto an aggregate amount of Rs. 12500 Crores Rupees Twelve Thousand Five Hundred Crores Carried with requisite majority Number of votes cast in favour – 155776193 Number of votes cast against – 611165 Ordinary Resolution under Section 2931a of the Companies Act 1956 for creating security on the Assets of the Company in connection with the amounts borrowed/to be borrowed by the Company. Carried with requisite majority Number of votes cast in favour – 155770187 Number of votes cast against – 611161 The Postal Ballot exercise was conducted by Mr. G. Krishna Company Secretary in Practice Scrutinizer appointed for this purpose. 7. DISCLOSURES During the year under review there were no materially significant related party transactions with your Company’s promoters the Directors or the management

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21 Corporate Governance Contd. their subsidiaries or relatives that may have potential conflict with the interests of your Company at large. Details of related party transactions form part of Notes to Accounts. Your Company has complied with all the statutory requirements comprised in the Listing Agreements/ Regulations / Guidelines / Rules of the Stock Exchanges / SEBI / other statutory authorities. No penalties or strictures have been imposed by Stock Exchanges or SEBI or any statutory authority since incorporation of your Company on any matter related to capital markets. 8. MEANS OF COMMUNICATION The unaudited quarterly and half-yearly results are sent to all the Stock Exchanges where the shares of your Company are listed. The results are normally published in Business Standard and Kannada Prabha / Vijaya Karnataka. The results are displayed on your Company’s website www.flykingfisher.com. 9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT The Management Discussion Analysis Report forms part of this Annual Report. 10. GENERAL SHAREHOLDERS’ INFORMATION a Annual General Meeting Date September 30 2010 Time 12.45 p.m. Venue Good Shepherd Auditorium Opposite St. Joseph’s Pre-University College Residency Road Bangalore – 560 025 b Financial Year April 1 2009 to March 31 2010 c Dates of Book Closure Monday September 27 2010 to Thursday September 30 2010 both days inclusive d Dividend Payment Date Your Company has not declared any dividend for the year April 1 2009 to March 31 2010. e Listing Fees The listing fees for the year 2010-11 have been paid to both the Stock Exchanges where your Company’s equity shares are listed. f Registered Office UB Tower Level 12 UB City 24 Vittal Mallya Road Bangalore - 560 001. g Listing on Stock Exchanges in India Bombay Stock Exchange Limited P. J. Towers Dalal Street Mumbai 400 001 National Stock Exchange of India Limited Exchange Plaza C/1 Block G Bandra-Kurla Complex Bandra E Mumbai 400 051 h Stock Code BSE- 532747 NSE- SYMBOL- KFA i ISIN No. INE438H01019 j Financial Calendar for the year April 1 2010 to March 31 2011 is as given below: First Quarterly Results By August 14 2010 Second Quarterly Results By November 14 2010 Third Quarterly Results By February 14 2011 Fourth Quarterly Results By May 15 2011 k Market Price Data The shares of your Company are listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited. The table below sets out the monthly high and low quotations of the shares traded during the year under review. Y our Company’s Management cautions the readers that the share price performance shown in the table below should not be considered to be indicative of the share price in the future.

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22 Corporate Governance Contd. l Share Price of your Company ON BSE ON NSE Month High Rs. Low Rs. Close Rs. Volume Nos. High Rs. Low Rs. Close Rs. Volume Nos. April 2009 42.45 31.70 38.45 33372218 42.45 31.20 38.50 74551319 May 2009 65.45 34.25 62.80 42981122 65.40 34.00 62.75 109176328 June 2009 73.45 46.65 50.15 42178884 73.45 46.50 50.15 105115141 July 2009 55.10 39.60 51.30 32280645 55.25 39.50 51.35 81253036 August 2009 51.90 44.70 48.20 25477513 52.30 44.50 48.10 58999929 September 2009 59.80 42.90 56.05 79971096 59.15 45.40 56.10 194095369 October 2009 61.00 44.35 44.80 66400485 60.90 44.40 44.80 182342830 November 2009 56.15 41.40 52.45 42068588 56.10 41.40 52.50 117203236 December 2009 64.60 52.75 63.20 59501140 64.65 53.10 63.20 167452619 January 2010 67.40 51.00 54.35 29489145 67.50 51.35 54.45 88282125 February 2010 56.95 48.80 49.45 14805403 57.30 48.50 49.50 41180448 March 2010 55.95 46.50 46.75 18817978 56.00 46.50 46.80 53442345 The Company’s performance for the period from April 1 2009 to March 31 2010 vis-à-vis BSE Sensex. Your Company vis-à-vis BSE Your Company vis-à-vis NSE

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23 Corporate Governance Contd. m Registrar and Share Transfer Agents Karvy Computershare Pvt. Ltd. Plot No. 17-24 Vittal Rao Nagar Madhapur Hyderabad - 500 081 Tel No. : 91 - 040 - 44655000 Fax No. : 91 - 040 - 23420814 Email ID : einward.riskarvy.com n Share Transfer System The power to consider and approve share transfers/ transmission/ transposition/ consolidation/ subdivision etc. has been delegated to a Committee of Directors as indicated under the heading “Share Allotment Transfers and Investor Grievance Committee”. The Committee meets when necessary. The requirements under the Listing Agreement/ Statutory regulations in this regard are being followed. o Distribution of Shareholding as on March 31 2010 Equity Shares held Shareholders Shares held 1 - 5000 83060 20211281 7.60 5001 - 10000 379 2893221 1.09 10001 - 20000 200 2897944 1.09 20001 - 30000 60 1490608 0.56 30001 - 40000 26 948607 0.36 40001 - 50000 31 1424960 0.54 50001 - 100000 48 3515908 1.32 100001 Above 91 232526354 87.45 Total 83895 265908883 100.00 p Shareholding Pattern as on March 31 2010 Sl. No. Name of Shareholder No. of shares of holding 1. Promoters 176217925 66.27 2. Mutual Funds / UTI 16220821 6.10 3. Financial Institutions / Banks 82200 0.03 4. Insurance Companies 1254420 0.47 5. Bodies Corporate 28020230 10.54 6. Individuals 28532389 10.73 7. Trusts 515959 0.19 8. Clearing Members 1844611 0.69 9. Foreign Institutional Investors 11778061 4.43 10. Non Resident Indians 736467 0.28 11. Foreign Nationals 705800 0.27 Total 265908883 100.00

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24 Corporate Governance Contd. q Percentage of Shares held in Physical Electronic Form as on March 31 2010 Sl. No. Category Holders Total Shares To Equity 1. Physical 40 6328471 2.38 2. NSDL 55741 154273618 58.02 3. CDSL 28114 105306794 39.60 Total 83895 265908883 100.00 Your Company has not issued GDRs/ADRs/Warrants or any convertible instruments. r Dematerialisation of Shares 97.62 of the paid-up capital is held in dematerialized form as on March 31 2010 and as on date. s Code of Conduct In compliance with Clause 49 of the Listing Agreement with the Stock Exchanges the Company has adopted a Code of Business Conduct and Ethics for its Board Members and Senior Management Personnel a copy of which is available at the Companys website www.flykingfisher.com. All the members of the Board and the senior management personnel had affirmed compliance with the Code for the year ended March 31 2010 and a declaration to this effect signed by the CEO is forming part of this report. Pursuant to the requirements of SEBI Prohibition of Insider Trading Regulations 1992 the Company has adopted a “Code of Conduct for prevention of Insider Trading”. This Code is applicable to all the Directors and designated employees of the Company. t Address for Correspondence Shareholder correspondence should be addressed to your Company’s Registrars and Share Transfer Agents: Karvy Computershare Pvt. Ltd. Plot No. 17-24 Vittal Rao Nagar Madhapur Hyderabad - 500 081 Tel No.: 91-040- 44655000 Fax No.: 91-040- 23420814 Email ID: einward.riskarvy.com Investors may also write to or contact Mr. Bharath Raghavan Chief Legal Officer Company Secretary at: Kingfisher Airlines Limited Kingfisher House Western Express Highway Vile Parle East Mumbai 400 099 Tel.: 91- 022 - 26262392 Fax: 91- 022 - 26262317 In compliance with the provisions of Clause 47f of the Listing Agreement with the Stock Exchanges an exclusive email Id viz investor.relationsflykingfisher.com has been designated for registering complaints by investors which has been displayed on the website of your Company www.flykingfisher.com. NON MANDATORY REQUIREMENTS a. Remuneration Committee Your Company has constituted a “Remuneration and Compensation” Committee. b. Shareholders Rights Your Company’s half-yearly results are published in English and Kannada newspapers. Hence the same are not sent to the shareholders. c. Training of Board Members The Board of Directors comprises of well experienced and accomplished members and their formal training is considered not necessary. d. Whistle Blower Policy Your Company has a Whistle Blower Policy in place.

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25 CERTIFICATE ON CORPORATE GOVERNANCE The Members of Kingfisher Airlines Limited We have examined the compliance of conditions of Corporate Governance by Kingfisher Airlines Limited for the year ended March 31 2010 as stipulated in Clause 49 of the Listing Agreement of the said Company with Stock Exchanges in India. The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to procedures and implementation thereof adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company. In our opinion and to the best of our information and according to the explanations given to us we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement. We state that in respect of investor grievances received during the year ended March 31 2010 no grievances are pending against the Company as per records maintained by the Company and presented to the Share Allotment Transfers and Investor Grievance Committee. We further state that such compliance is neither an assurance as to future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company. Bangalore M. R. GOPINATH July 22 2010 Company Secretary in practice FCS 3812 CP 1030 CEO / CFO CERTIFICATE In terms of the requirement of the amended Clause 49 of the Listing Agreement with the Stock Exchanges the certificates from CEO / CFO have been obtained. On behalf of the Board of Directors Mumbai Dr. Vijay Mallya July 22 2010 Chairman CEO DECLARATION REGARDING AFFIRMATION OF CODE OF CONDUCT In accordance with Clause 49 of the Listing Agreement with the Stock Exchanges the Board Members and Senior Management personnel of the Company have affirmed compliance with the Code of Business Conduct and Ethics of the Company for the financial year ended March 31 2010. Mumbai Dr. Vijay Mallya July 22 2010 Chairman CEO Corporate Governance Contd.

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26 Management Discussion and Analysis Report 1. Industry structure and developments a. Inspite of the ongoing turmoil in Europe which can upset the growth momentum India’s GDP numbers portray a comforting picture. Central Statistics Office CSO released the GDP estimate for Q4 2009-10 and FY 2009-10. Gross Domestic Product GDP for Jan-Mar 2010 quarter was at 8.6 year on year and for FY 2009-10 at 7.4. While the government’s share in GDP growth has declined private sector investment has picked up. The economy looks on course to achieve 9 growth rate. Most think-tanks and institutions have put Indian growth for 2010-11 at 8.5 plus. b. The global airline industry is now recovering from the woes of 2008-09. Second half of 2009 had passenger traffic and yields passenger ticket revenue both bouncing up promising a better future for the airline industry globally. c. International Air Transport Association which represents 230 airlines carrying 93 percent of international traffic estimates that jet fuel will represent 26 percent of operating costs in 2010 up from 23 percent in 2009. Brent crude oil will average 79 a barrel it estimates. 2. Industry Operating Environment a. As per the International Air Transport Association June 7 2010 the global airline industry will post a 2.5 billion profit in 2010 reversing two years of losses scrapping an estimate for a 2.8 billion deficit as the economy rebounds. The profit would be the industry’s first since 2007 and only the third in a decade after previous results were afflicted by recession terrorist attacks epidemics and wars. Europe is the only region still forecast to lose money in 2010. Despite the general recovery European airlines will lose about 2.8 billion in 2010 IATA says 600 million more than the March estimate after the eruption of Iceland’s Eyjafjallajökull volcano on April 14 closed airspace for six days and grounded 100000 flights. The event cost the industry 1.8 billion with 1.26 billion of those losses in Europe. b. Prospects for Indian carriers have improved in the past few months as economic growth in Asia and the U.S. has boosted demand for travel and capacity cuts imposed last year has bolstered ticket prices. c. Passenger traffic for the Indian Aviation Industry increased 16 in the year under review as compared to the year ending March 2009 and seat factors were upwards of 74 for Jan-Mar’10 quarter owing to the right alignment of capacity with the demand. d. Yields have trended upwards in the year under review recovering from the lows early in the year. However fuel prices have steadily risen through the year and ended 32 higher than prices at beginning of the year. 3. Segment–wise or product-wise performance of the airline During the year under review your Company had a domestic market share of 22.9 in FY10. The airline carried more than 11 million passengers across domestic and international sectors with a year ending overall fleet of 68 aircraft having an average schedule of 366 domestic and 12 international flights daily and a route network as on March 2010 covering 63 domestic and 7 international destinations. Whilst your Company’s operations has been reflective of the shift in capacity to low fare model in line with economic environment the Company continues to offer the following classes of world class service:  Kingfisher First – Premium Business class of service  Kingfisher Class – Premium Economy class of service  Kingfisher Red – Low fare class of service comparable to the Economy class of service in other full fare airlines In the year under review the airline returned 5 Airbus A320 aircraft 4 ATR-42 aircraft and 1 ATR-72 aircraft consequent upon the route rationalization program initiated with a view to maximize operational synergies and cost savings. This resulted in a 17

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27 Management Discussion and Analysis Report Contd. 2.953 million seats drop in capacity deployed over FY 2009. Despite the drop in capacity by 17 your Company’s passenger count decreased by only 2. DOMESTIC SECTOR a. Your Company during the year under review was the single largest player in the Indian domestic aviation sector and had the widest reach covering more destinations and carrying more passengers than any other domestic carrier. b. The airline achieved a seat factor of 71 in the year under review an improvement of 11 percentage points over the previous year. c. As a result of the above measures your Company’s domestic operations have shown steady improvement.  The airline’s domestic EBITDAR margin improved from -5 in FY09 to 13 in FY10.  The airline’s RASK of domestic operations improved by over 6 for FY10 over FY09.  The airline’s CASK of domestic operations reduced by 5 over FY09 on the back of several cost saving initiatives including expat pilot reduction fuel consumption reduction etc. INTERNATIONAL SECTOR During the twelve-month period ending March 31 2010 your Company undertook a gradual expansion in its international operations through introduction of new wide body routes to Hong Kong Singapore and narrow body routes to Dubai Bangkok and Dhaka. Your Company’s International Revenues have grown four-fold in comparison to the previous year ended March 2009. Your Company also achieved the highest market share on the Mumbai-Singapore and Mumbai- Hong Kong sector in less than one year of launch. 4. Internal control systems and their adequacy a. Your Company has a proper and adequate system of internal controls commensurate with its size and nature of operations to provide reasonable assurance that all assets are safeguarded transactions are authorized recorded and reported properly and applicable statutes codes of conduct and corporate policies are duly complied with. b. The Internal audit department reviews the adequacy and efficacy of the key internal controls guided by the Audit Committee of the Board. c. The Company’s Audit Committee comprises five Non-Executive Directors: Mr. A. K. Ganguly Chairman Diwan Arun Nanda Dr. Naresh Trehan Mr. A. K. Ravi Nedungadi and Mr. S. R. Gupte inducted into the Committee during the year on June 30 2009. One of the objectives of the Audit Committee is to review the reports submitted by the Internal Audit Department and to monitor follow-up and corrective action by Management. d. Your Company has a compliance procedure to ensure that all laws rules and regulations applicable to it are complied with. e. The Company Secretary is the designated Compliance Officer to ensure compliance with SEBI regulations and with the Listing Agreement with National Stock Exchange of India Limited and Bombay Stock Exchange Limited. f. Your Company has a process of both external and internal safety audits for each area of operation. Your Company is in full compliance with all laws rules and regulations relating to airworthiness air safety and other statutory operational requirements. g. Your Company as part of its Risk Management strategy reviews on a continuous basis its strategies processes procedures and guidelines to effectively identify and mitigate risks. Further the Management has developed a procedure to ensure adequate disclosures of key risks and mitigation initiatives to the Audit Committee of the Board. 5. Analysis of operational performance for the period ended March 31 2010 The current financial period is for twelve month period from April 2009 to March 2010 FY10 and is the second year of the consolidated entity.

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28 Management Discussion and Analysis Report Contd. Financial Results of Operations: FY10 FY09 Rs. millions Rs. millions difference Income Passenger 47106 49721 -5 Cargo 2452 1516 62 Excess baggage 156 118 32 Rebooking charges / cancellation 966 1035 -7 Other income 2031 636 219 Total income 52710 53026 -1 Expenditure Employees’ costs 6888 8239 -16 Aircraft / engine lease rentals 10938 11851 -8 Aircraft fuel expenses 18030 26026 -31 Operating and other expenses 23817 24340 -2 Depreciation / Amortisation 2173 1716 27 Interest Finance charges 10965 7786 41 Exceptional item 3577 2375 51 Foreign exchange translation difference 502 2447 -121 Maintenance Rent reserves 5308 N.A. Total expenditure inc. exceptional item 76890 74578 3 Income Your Company’s total income stood at Rs. 52710 million during the twelve month period from April 2009 to March 2010. a. Income from operations formed 96 of total income at Rs. 52710 million. Domestic revenues recorded for the year under review was Rs. 45220 million as against Rs. 51370 million in FY09. This was primarily due to the fact that the airline deployed 17 lesser seats YoY on account of capacity rationalization in its domestic operations. b. During the twelve-month period ending March 31 2010 your Company’s International revenues increased to Rs. 5460 million an increase of over 400 as compared to Rs. 1020 million in the previous year ended March 2009. The growth increased disproportionate to capacity increase. c. Other income stood at Rs. 2031 million during the twelve month period from April 2009 to March 2010 an increase of over 200 when compared to the previous year. The other income constituted mainly the following particulars:  Duty Free Credit Entitlement of Rs. 220 million.  Liability no longer required written back of Rs. 1285 million. Expenditure Total expenditure including exceptional items stood at Rs.76890 million during the twelve month period from April 2009 to March 2010 an increase of 3 when compared to the previous year ended March 2009. The previous year ended March 2009 reflects a change in method of accounting Maintenance Rent which saw a reversal of Rs. 5308 million. a. Aircraft Fuel Expenses: Expenditure on fuel stood at Rs. 18030 million during the twelve month period from April 2009 to March 2010 accounting to 23 of the total costs. While the average fuel prices have come down from a high of Rs. 74 per litre in August 2008 prices have steadily risen through the year and ended 32 higher than prices at beginning of the year. Domestic ATF price movement in INR is given below: The fuel price reduction was also helped by various facts including the following: - Your Company returned 10 aircraft deemed excess in the year under review. - Your Company initiated route rationalization programs which saw 11 cut on capacity on unprofitable routes. - Fuel consumption saving programs. b. Aircraft Engine/Lease Rentals: Aircraft/engine lease rentals stood at Rs. 10938 million during the twelve month period from April 2009 to March 2010. During the year under review your Company returned 5 Airbus A320 aircraft 4 ATR-42 aircraft

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29 and 1 ATR-72 aircraft consequent upon the route rationalization program initiated with a view to maximize operational synergies and cost savings. Your Company operated a fleet of 68 aircraft in the year under review 12 of which are owned through finance leases and 56 are held under operating leases. c. Employee Remuneration and Benefits Personnel Costs : Employee remuneration and benefits stood at Rs. 6888 million during the twelve month period from April 2009 to March 2010. Your Company saw a reduction of 16 costs on employee remuneration. The headcount for the airline for the period ending March 2010 was 7319 as against an average of 8614 employees in the previous year ending March 2009. The employees per aircraft ratio declined in line with the fleet rationalization programs. d. Other Operating Expenses: Other operating expenses stood at Rs. 23817 million during the twelve month period from April 2009 to March 2010. While Airport and Ground handling charges increased by 11 YoY amounting to over Rs. 500 million Aircraft Maintenance costs reduced by 8 amounting to a cost saving of over Rs 750 million. 10 aircraft were returned in the year under review. e. Interest and Finance Charges: Interest and finance charges were at Rs.10965 million during the twelve month period from April 2009 to March 2010. Loan funds increased 40 YoY to 79226 million as against Rs. 56656 million. The airline incurred interests of Rs. 10077 million on fixed and other loans as against Rs. 6962 million incurred in FY09. Bank charges and guarantee commission stood at Rs. 888 million for the year under review as compared to Rs. 823 million in the previous year ended March 2009. f. Depreciation and Amortization: Depreciation charges were Rs. 1197 million during the twelve month period from April 2009 to March 2010 versus Rs. 1332 million in the previous year ended March 2009. Amortization charges stood at Rs. 976 million during the twelve month period from April 2009 to March 2010 versus Rs. 384 million in FY09. Note: Depreciation Amortization figures may change based on treatment of engine overhaul as Fixed Assets / Miscellaneous Expenditure. 6. Material developments in Human Resources / Industrial Relations front including number of people employed a. The number of employees for the year under review was 7319. b. There were no material developments as regards human resources / industrial relations front during the year under review. 7. Your Company’s major initiatives undertaken in FY10 and planned initiatives for FY11: 7.1. Initiatives undertaken in the year under review to enhance your Company’s cost competitiveness:  Renegotiation of GDS contracts and channel shift to reduce distribution costs  Set up of Fuel Management System to reduce fuel consumption  Better utilization of aircraft rates. The year under review saw an increase of 11 in aircraft utilization rates as compared to FY09 to 12 hrs for Airbus Type Fleet and 10.3 hrs for ATR Type Fleet.  Rationalization of Manpower to improve productivity through rostering planning initiatives  Enhancement of Safety Management System  Renegotiation of Engineering and Maintenance contracts including A320 Component support contract engine contracts etc. 7.2. Initiatives undertaken in the year under review to enhance your Company’s revenue productivity:  Improvements in system usage and processes for revenue management.  Improvements in cargo revenues through revenue management opportunities. 7.3. Catering and Ground / Airport Services related initiatives undertaken in the year under review to enhance your Company’s revenue productivity and cut further costs:  Catering:  Through negotiations with the airline’s main domestic caterer a 20 reduction in rates was negotiated on all Kingfisher First menus services.  SAP system has been implemented in all Catering units and all stock transactions are handled through the system. This has given your Company greater transparency control on its stock. Management Discussion and Analysis Report Contd.

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30  ‘Self Invoicing’ was implemented for all Kingfisher airline’s International flights leading to accurate invoicing and the ability to project expenditure.  Kingfisher Red menus services and product were enhanced with a selection of Gourmet hot meals for breakfast lunch and refreshment whilst still keeping the overall cost under control. On the international front quality caterers were appointed in London Hong Kong and Singapore. To facilitate operations and control costs Colombo Kathmandu Dubai Bangkok were return catered from India.  Ground / Airport Services:  Your Company is the only airline in the country to receive an ISO certification for its Airport Services.  During the year under review your Company adopted a cross functional approach to Guest Services by cross utilizing staff for airport and security functions robustly. This has helped the Company to achieve the best staff to flights ratio in the country.  ‘SITA World Tracer’ system was introduced and implemented during the year under review which has helped with the baggage tracing process and reducing claims due to missing and unclaimed bags.  During the year under review ground Handling costs were re-negotiated at all the major metros bringing the net costs down. 7.4. Marketing and Commercial Initiatives undertaken in the year under review to enhance your Company’s consumer connect:  Aggressively tied up with corporate houses to get premium business.  Launched campaigns like the "Onestop Connect" to leverage and promote KFA’s network.  Launched Multiple Fare Products to ensure KFA taps a larger base of customers.  Ran extremely innovative schemes with the travel agents. 7.5. Marketing Initiatives and launches proposed to further improve consumer connect: Management Discussion and Analysis Report Contd.  Launch of an auto-sweep co-brand credit card  Launch of debit co-brand card  Extension of King Miles as a preferred loyalty currency by increasing width of partners  Increased Customer Relationship Management based analytics and campaigns. 8. Your Company and One World Alliance: Your Company is slated to join oneworld the world’s leading quality airline alliance bringing together 11 of the world’s biggest and best names in the airline industry such as American Airlines British Airways Cathay Pacific Finnair Iberia Japan Airlines LAN Malév Mexicana Qantas and Royal Jordanian. The highlights of the alliance are listed below:  Upon joining oneworld your Company will get access to serve 800 airports in 150 countries. The alliance operates 9000 daily flights carries 340 million passengers annually on a combined fleet of 2500 aircraft.  Whilst oneworld is voted the World’s Leading Airline Alliance for the seventh year running in the 2009 World Travel Awards it is also the only alliance with member airlines based in every continent and with members based in South America Australia and Asia’s Middle East. Key Benefits for your Company by joining the alliance is listed below:  Access to serve 800 airports in 150 countries.  Your Company will get an access to market share and network without significant addition of financial investments. The airline will also have an access to landing/parking slots and gates that are typically leased to the larger airlines.  The move will significantly enhance customer proposition of your Company with respect to Top-tier qualifying miles Top-tier recognition and Global lounge access. The Alliance will provide further opportunities for cost savings and access to management best practices for the airline. 9. Your Company’s Outlook a. Your Company which commenced scheduled airline operations in August 2003 is today India’s single largest domestic carrier by passengers flown and

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31 cities. Despite aggressive capacity reduction in the year under review your airline has continued to enjoy market leadership with a market share of 22.89 whilst having a wide network in India covering more than 90 of the addressable passenger base. Your Company has won an impressive line-up of prestigious international awards from Aviation Experts including the ‘Best Airline in India and Central Asia’. Your Company continues to be India’s only Five Star Airline rated by Skytrax for three years in a row. b. The economy is showing signs of recovery with GDP growth estimates climbing back over 8. c. Passenger traffic is buoyant in current year backed by improvements in macro-economic environment and revival in most industry sectors. Industry traffic increased by 27 in Apr’10 over Apr’09. d. Premium traffic has seen a strong comeback with a sharp increase in loads on key business sectors. e. Domestic capacity is expected to expand lower than growth in demand resulting in steep increase in industry load factors in FY11 Apr’10 seat factors for KFA at 75.8. f. Yield improvements witnessed in last two quarters of the year under review are expected to continue given the narrowing of the demand supply gap. The Industry expects domestic yields to improve by 5-7 in 2010-11. g. Fuel price have shown steady month-on-month increase since last 12 months and future price movements are uncertain. h. Your Company has budgeted for a profitable year ahead primarily driven by growth in premium traffic ATV and significant reduction in costs. i. International operations are fast moving towards stabilization. 10. Opportunities and Threats Risks and Concerns a. Your Company has undertaken a phased approach towards capacity additions as well as expansion in both the domestic and international markets. Progressive policies initiated by the Government as regards new bilateral agreements with various countries provide conducive framework for expansion of international operations. b. Your Company will closely monitor market developments as well as the macro-economic environment in the country from a global perspective. Your Company is well-placed to take advantage of emerging business and tourist destinations in the country as well as augment services in case of established routes in order to further strengthen its domestic network. c. Your Company continues to be at the forefront with regard to undertaking measures to improve profitability / reduce losses including:  Planning for reduced / phased capacity induction  Deferring of aircraft deliveries as may be possible on the basis of induction plan  Rationalization of route structures  Optimization of human resources including cross-utilization  Review of distribution channels and costs d. Your Company is also seeking to manage the adverse effects of steep increases in ATF prices by actively managing fuel consumption. e. Sales Tax on ATF in India is currently significantly higher as compared to global markets. Sales Tax is currently a State subject and airlines have made representations to both the Central State government asking for a reduction in sales tax on ATF from the currently prohibitive 25 per cent level. Reduced levels of 4 tax are already available on aircrafts below 40 tonnes. A change Management Discussion and Analysis Report Contd.

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32 in the fuel regime on these lines would provide a significant upside to the airline’s operations as fuel forms 35-40 of the operating cost of an airline. f. The current FDI Policy of the Government of India does not allow foreign airlines to invest in domestic carriers. However a 49 investment is allowed to foreign institutional investors and is currently considering extending this cap to foreign airlines as well based on the representations made by domestic carriers to the government. This change in policy could provide your Company with better access to equity capital and strategic partners for doing business. g. Government initiatives as regards aviation infrastructure development including efforts to reduce congestion at key airports such as Mumbai and Delhi have to be expedited. 11. Awards Accolades: a. Your Company has won an impressive line-up of prestigious international awards from Aviation Experts including the ‘Best Airline in India and Central Asia’. Your Company continues to be India’s only Five Star Airline rated by Skytrax for three years in a row. b. ‘Best Airline in India and Central Asia’ ‘Best Economy Class Seats’ and ‘Staff Service Excellence Award for airlines in India and Central Asia’ in World Airline Awards May 2010. c. ‘5-STAR AIRLINE’ award by London based independent research agency Skytrax for 3rd consecutive year May 2010. The award was constituted after a survey among 18 million air passengers from some 100 different countries that was carried out between July 2009 and April 2010. Your Company is one of just six airlines worldwide that currently meets the rigorous quality criteria which Skytrax set for this prestigious top tier 5-Star airline ranking. d. ‘India’s Favourite Airline’ in HT MARS Consumer Satisfaction Survey December 2009. e. ‘Best Airline in India and Central Asia’ ‘Best Cabin Crew-Central Asia’ for your Company and ‘Best Low-Cost Airlines in India and Central Asia’ for Kingfisher Red services in SKYTRAX World Airline Awards April 2009. Cautionary Statement Statements in the management discussion and analysis describing your Company’s objectives projections estimate expectations may be ‘forward-looking statement’ within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to your Company’s operations include economic conditions in the domestic markets and overseas markets in which your Company operates changes in the Government Regulations tax laws and other statutes and incidental factors. Management Discussion and Analysis Report Contd.

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33 1. We have audited the attached Balance Sheet of Kingfisher Airlines Limited formerly known as Deccan Aviation Limited “the Company” as at March 31 2010 the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies Auditor’s Report Order 2003 issued by the Central Government of India in terms of sub-section 4A of Section 227 of the Companies Act 1956 “the Act” as amended by the Companies Auditor’s Report Amendment Order 2004 herein after collectively referred to as the “Order” we enclose in the annexure a statement on matters specified in paragraphs 4 and 5 of the Order. 4. Other Income for the fifteen months ended June 30 2006 included a sum of Rs. 2672.20 Lacs towards certain subsidy provided to the Company by one of its suppliers in conjunction with lease of aircrafts on operating lease basis. The previous auditors had reported that they were of the opinion that such accounting treatment was not in accordance with Accounting Standard 19 on “Leases” and the subsidy should be recorded on a straight-line basis over the period of the lease. Their audit report on the financial statements for the fifteen months ended June 30 2006 was modified in this matter. We concur with the views of the said auditors in principle that such subsidy should be recognized on a systematic basis in the Profit and Loss Account over the periods necessary to match them with the related costs which they are intended to compensate although the matter does not appear to be covered explicitly by the said AS 19. TO THE MEMBERS OF KINGFISHER AIRLINES LIMITED 5. As reported in paragraph 6 of our report dated July 28 2009 the Company novated its rights in certain aircrafts purchase agreements during the year ended March 31 2009 in favour of certain lessors and took such aircrafts back on operating lease from the same persons. The Company incurred a loss of Rs. 14437.15 Lacs on such novation including interest on loans borrowed for making pre-delivery payments to aircraft manufacturers of Rs. 5305.34 Lacs. As already reported in the said report in the absence of an independent valuation report we had relied on the representations of the management that the novation was not established at fair value the fair value of the aircrafts is at least equal to or more than the cost of acquisition and the preconditions specified in AS 19 for deferring the said loss are satisfied. 6. Attention is invited to note 29 of schedule 21 regarding change in the method of accounting of costs incurred on major repairs and maintenance of engines of aircrafts taken on operating lease during the year aggregating to Rs.20700.76 lacs which have been included under fixed assets and amortized over the estimated useful life of the repairs. In our opinion the revised accounting treatment is not in accordance with current accounting standards. 7. We further report that except for the effect if any of the matters stated in paragraph 5 above 13a below and note 27 of schedule 21 whose effect are not ascertainable had the observations made in paragraphs 4 6 above been considered the loss after tax for the year ended March 31 2010 would have been Rs. 175350.66 Lacs March 31 2009 – Rs. 160407.96 Lacs as against the reported loss of Rs. 164722.06 Lacs March 31 2009 – Rs. 160882.99 Lacs the debit balance in profit and loss account as at March 31 2010 would have been Rs. 443541.85 Lacs March 31 2009 – Rs. 258864.90 Lacs as against the reported figure of Rs. 432107.63 Lacs March 31 2009 – Rs. 257658.57 Lacs other liabilities would have been Rs. 49831.75 Lacs March 31 2009 – Rs. 35975.62 Lacs as against the reported figure of Rs. 49100.45 Lacs March 31 2009 – Rs. 34766.28 Lacs and Fixed Assets excluding capital work in progress would have been Rs.139061.17 Lacs March 31 2009 – Rs. 157551.66 Lacs as against the reported figure of Rs. 155451.42 Lacs March 31 2009 – Rs.157551.66 Lacs. Auditors Report

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34 8. As a result of the changes in the methods of accounting referred to in notes 29 and 31 of schedule 21 the loss for the year before tax expense loss for the year after tax expense and debit balance in Profit and Loss Account as at March 31 2010 stand reduced by Rs. 27692.01 Lacs Rs. 18493.42 Lacs and Rs. 18493.42 Lacs respectively. 9. Attention of the members is invited to note 26 of schedule 21 regarding reasons for preparing the financial statements of the Company on a going concern basis notwithstanding the fact that its net worth is completely eroded. The appropriateness of the said basis is interalia dependent on its ability to refix repayment obligations of its loans and interest falling due during the year ending March 31 2011 and infusion of funds for meeting obligations. Further to our comments in the annexure referred to above we report that: 10. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. 11. In our opinion the Company has kept proper books of account as required by Law so far as appears from our examination of those books. 12. The Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. 13. a Attention of the members is invited to note 18 of schedule 21 regarding recognition of deferred tax credit during the year aggregating to Rs. 76463.31 Lacs year ended March 31 2009 Rs. 55887.62 Lacs Total amount recognized up to March 31 2010 Rs. 243436.51 Lacs by virtue of which its loss for the year and debit balance in Profit and Loss Account stand reduced by Rs. 76463.31 Lacs year ended March 31 2009 Rs. 55887.62 Lacs and Rs. 243436.51 Lacs as at March 31 2009 Rs. 166973.20 Lacs respectively. In view of explanation 1 to clause 17 of Accounting Standard 22 we cannot express any independent opinion in the matter. b In our opinion subject to the effect of the matters stated in paragraphs 4 to 6 and 13a above the Auditors Report Contd. Balance Sheet Profit Loss Account and Cash Flow Statement dealt with by this report comply in all material respects with the mandatory Accounting Standards referred to in sub-section 3C of Section 211 of the Act. 14. On the basis of written representations received from Directors as on March 31 2010 and taken on record by the Board of Directors we report that none of the Directors of the Company are disqualified as on that date from being appointed as a director under clause g of sub-section 1 of Section 274 of the Act. 15. In our opinion and to the best of our knowledge and according to the information and explanations given to us the said accounts subject to note 23 of schedule 21 and read with other notes on accounts give the information required by the Act in the manner so required and subject to the effect of the matters stated in paragraphs 4 to 7 13a above and note 27 of schedule 21 regarding the basis of computation of unflown revenue as at March 31 2010 effect thereof on revenue not ascertainable give a true and fair view in conformity with the accounting principles generally accepted in India. i. In the case of the Balance Sheet of the state of affairs of the Company as at March 31 2010 ii. In the case of Profit and Loss account of the loss for the year ended on that date and iii. In the case of Cash Flow statement of the cash flows for the year ended on that date. For B. K. RAMADHYANI CO. Chartered Accountants Firm registration number: 002878S Place : Mumbai Shyam Ramadhyani Date : May 28 2010 Partner Membership No. 019522 B. K. Ramadhyani Co. Chartered Accountants 4B Chitrapur Bhavan No. 68 8 th Main 15 th Cross Malleswaram Bangalore – 560 055

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35 AS REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF KINGFISHER AIRLINES LIMITED 1. a.The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. However comprehensive description of assets and current location are to be incorporated in the asset records after completion of reconciliation referred to in paragraph 1b below. b. Fixed assets have been physically verified by the management after the close of the year. Pending completion of reconciliation which is in progress discrepancies if any cannot be ascertained. c. There was no substantial disposal of fixed assets during the year. 2. a. Management has conducted physical verification of inventory at reasonable intervals during the year. b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c. No material discrepancies were noticed on physical verification. 3. a. As informed the Company has not granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under Section 301 of the Act. b. As informed the Company has taken loans from a company covered in the register maintained under Section 301 of the Act. The total amount outstanding as at year end was Rs. 34462.00 Lacs and the maximum amount outstanding at any time during the year was the same amount. The rate of interest and terms and conditions on which the said loans are taken is not prima-facie prejudicial to the interests of the Company. No stipulations for repayment have been prescribed and as such no comments regarding regularity of payments are being made. 4. In our opinion and according to the information and explanation given to us and taking into consideration management’s representation that a large number Annexure to the Auditors Report of items are of a special nature for which alternative quotations cannot be obtained there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchases of inventory fixed assets and sale of services. During the course of our audit no continuing failure to correct major weakness in internal controls has been noticed. 5. a. According to the information and explanations given to us we are of the opinion that transactions that need to be entered into the register maintained under Section 301 of the Companies Act 1956 have been so entered. b. Further contracts or arrangements referred to in Section 301 of the Act and aggregating to Rs. 5.00 Lacs or more per party have been entered into at prices which are reasonable as compared to similar services rendered to / by other parties except in respect of advertisement sales promotional expenses of Rs. 738.22 Lacs and miscellaneous income of Rs. 1048.61 Lacs where we are unable to make any comments on reasonability of rates since there were no similar transactions with third parties at the relevant time. 6. The Company has not accepted any deposits from the public. 7. The Company has an internal audit system commensurate with the size and nature of its business. 8. To the best of our knowledge and as explained the Central Government has not prescribed the maintenance of cost records under Section 2091 d of the Act for the products of the Company. 9. a. Undisputed statutory dues in respect of service tax withholding taxes provident fund fringe benefit tax wealth tax and employees’ state insurance dues have not been regularly deposited with the appropriate authorities. Undisputed statutory dues in respect of investor education and protection fund customs excise duty cess as applicable have generally been regularly deposited with the appropriate

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36 authorities. Since to the best of our knowledge the Central Government has till date not prescribed the amount of cess payable under Section 441A of the Act no comments in this respect have been made. b. According to the information and explanations given to us:- i No amounts were outstanding as at year end on account of undisputed amounts payable in respect of investor education and protection fund sales tax customs duty excise duty and cess for a period of more than six months from the date they became payable. ii Undisputed amounts payable in respect of provident fund of Rs. 45.23 Lacs tax deducted at source of Rs. 27340.23 Lacs service tax of Rs. 809.69 Lacs professional tax of Rs. 5.43 Lacs In all cases relating to the years 2008 - 2009 and 2009 - 2010 and fringe benefit tax of Rs. 643.82 Lacs self assessment tax for the financial year 2008 - 2009 were outstanding for a period of more than six months from the date they became payable excluding applicable interest in all cases. The due dates for these amounts are as per respective statutes. c. According to the information and explanations given to us dues aggregating to Rs. 1336.84 Lacs Relating to assessment years 2007 - 2008 and 2008 – 2009 had not been deposited as at March 31 2010 on account of withholding tax under the Income Tax Act 1961 on account of disputes. Appeals are pending before the Commissioner of Income Tax Appeals. The Company has also not deposited withholding tax amount estimated at Rs. 3614.10 Lacs pending reconsideration of rejected applications under Section 1015A of the Income Tax Act 1961. 10. The Company’s accumulated losses at the end of the financial year were more than fifty percent of its net worth. The Company has incurred cash losses during the financial year and in the immediately preceding financial period. 11. Based on our audit procedures and as per the information and explanations given by the Annexure to the Auditors Report Contd. management the Company has defaulted in repayment of loans and interest to banks and financial institutions. Delays were noticed in payment of interest principal on several occasions during the year. The unpaid overdue installments and interest to banks and institutions as at March 31 2010 were Rs. 20319.47 Lacs and Rs. 8168.39 Lacs respectively. There were no dues payable to the debenture holders. 12. According to the information and explanations given to us and based on the documents and records produced to us the Company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities. Accordingly the provisions of the clause 4xii of the Order are not applicable to the Company. 13. In our opinion the Company is not a chit fund or a nidhi mutual benefit fund / society. Accordingly the provisions of the clause 4xiii of the Order are not applicable to the Company. 14. In our opinion the Company is not dealing in or trading in shares securities debentures and other investments. Accordingly the provisions of clause 4xiv of the Order are not applicable to the Company. 15. According to the information and explanations given to us the Company has not given guarantees during the year for loans taken by others from banks or financial institutions. Accordingly the provisions of clause 4xv of the Order are not applicable to the Company. 16. Based on information and explanations given to us by the management term loans taken during the year have been applied for the purpose for which they were obtained. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company we report that funds raised on short- term basis to an aggregate extent of Rs. 418249.39 Lacs has been used for long term investment as at March 31 2010. 18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under ection 301 of the Act. Accordingly

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37 Annexure to the Auditors Report Contd. the provisions of clause 4xviii of the Order are not applicable to the Company. 19. There were no debentures outstanding at any time during the year. Accordingly the provisions of clause 4xix of the Order are not applicable to the Company. 20. The Company has not raised any money by public issue during the year. Accordingly the provisions of clause 4xx of the Order are not applicable to the Company. 21. As per the information and explanations furnished to us by the management no material frauds on or by the Company and causing material misstatements to financial statements have been noticed or reported during the course of our audit except for charge backs received by the Company aggregating to Rs. 475.44 Lacs from credit card service providers due to misutilisation of credit cards by third parties. For B. K. RAMADHYANI CO. Chartered Accountants Firm registration number: 002878S Place : Mumbai Shyam Ramadhyani Date : May 28 2010 Partner Membership No. 019522 B. K. Ramadhyani Co. Chartered Accountants 4B Chitrapur Bhavan No. 68 8 th Main 15 th Cross Malleswaram Bangalore – 560 055

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38 Balance Sheet as at March 31 2010 Schedules As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs SOURCES OF FUNDS Shareholders’ Funds Share Capital 1 36290.89 36290.89 Employees Stock Option Outstanding Net of deferred compensation cost 748.17 810.94 Reserves and Surplus 2 8022.19 8022.19 45061.25 45124.02 Loan Funds Secured Loans 3 484242.55 262252.11 Unsecured Loans 4 308017.12 304303.74 792259.67 566555.85 TOTAL 837320.92 611679.87 APPLICATION OF FUNDS Fixed Assets 5 Gross Block 204813.71 189180.24 Less : Accumulated Depreciation / Amortisation 49362.29 31628.58 Net Block 155451.42 157551.66 Capital Work-in-Progress 98060.50 163094.65 253511.92 320646.31 Investments 6 5.00 5.00 Foreign Currency Monetary Item Translation Difference Account Refer note 31 on schedule 21 2798.27 - Deferred Tax Asset Refer note 18 on schedule 21 Deferred Tax Asset 284103.11 203408.50 Less: Deferred Tax Liability 40666.60 36435.30 243436.51 166973.20 Current Assets Loans and Advances Inventories 7 16487.74 14724.68 Sundry Debtors 8 32248.53 27423.28 Cash and Bank Balances 9 20646.70 17186.70 Other Current Assets 10 238.83 397.46 Loans and Advances 11 176088.58 143591.10 245710.38 203323.22 Less: Current Liabilities and Provisions 12 Current Liabilities 350136.49 349467.53 Provisions 4676.53 4554.58 354813.02 354022.11 Net Current Assets 109102.64 150698.89 Initial Cost on Leased Aircrafts 13 14564.23 16644.80 Miscellaneous Expenditure To the extent not written off 14 - 450.88 Profit and Loss Account 432107.63 257658.57 TOTAL 837320.92 611679.87 Notes and additional information 21 As per our report of even date For B. K. Ramadhyani Co. For and on behalf of the Board of Directors Chartered Accountants Shyam Ramadhyani Dr. Vijay Mallya A. K. Ganguly A. K. Ravi Nedungadi Partner Chairman Managing Director Director Director Membership No. 019522 Mumbai Mumbai A. Raghunathan N. Srivatsa May 28 2010 May 28 2010 Chief Financial Officer Company Secretary

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39 Profit and Loss Account for the year ended March 31 2010 As per our report of even date For B. K. Ramadhyani Co. For and on behalf of the Board of Directors Chartered Accountants Shyam Ramadhyani Dr. Vijay Mallya A. K. Ganguly A. K. Ravi Nedungadi Partner Chairman Managing Director Director Director Membership No. 019522 Mumbai Mumbai A. Raghunathan N. Srivatsa May 28 2010 May 28 2010 Chief Financial Officer Company Secretary Schedules 2009-2010 Rs. in Lacs 2008-2009 Rs. in Lacs INCOME Income from Services 15 506791.82 523898.12 Other Income 16 20312.29 6360.46 TOTAL 527104.11 530258.58 EXPENDITURE Employees Costs 17 68875.49 82385.23 Aircraft Fuel Expenses 180298.76 260262.08 Aircraft / Engine Lease Rentals 109381.52 118513.22 Operating and Other Expenses 18 238173.06 243402.76 Depreciation / Amortisation on fixed assets 16279.75 13320.04 Amortisations 19 5449.00 3838.89 Financial Charges 20 109650.52 77855.66 TOTAL 728108.10 799577.88 Loss before foreign exchange translation difference exceptional item and Tax expense 201003.99 269319.30 Add : Foreign Exchange Translation Difference 5022.09 24469.79 Costs incurred on account of premature termination of lease / purchase contracts 35765.47 23753.54 Loss after foreign exchange translation difference exceptional item but before Tax expense 241791.55 268603.05 Provision for Tax expense - Current Tax - - - Deferred Tax Charge 76463.31 55887.62 - Fringe Benefit Tax Net of provision for tax no longer required written back 606.18 1250.00 Loss After Tax expense 164722.06 213965.43 Less: Effect of Change in method of accounting Maintenance Rent reserves upto March 31 2008 - 53082.44 164722.06 160882.99 Balance in Profit and Loss Account - Loss balance brought forward from previous year 257658.57 96775.58 Foreign exchange Gain in respect of long term monetary items adjusted 14590.50 Less: Adjustment for depreciation pertaining to previous year 3544.03 Less: Amortisation of foreign exchange gain for previous year Refer note 4 on schedule 4 note 31 on schedule 21 8407.53 9727.00 - Loss carried to Balance Sheet 432107.63 257658.57 Loss per share before exceptional items par value Rs 10/- basic and diluted in Rupees 52.96 81.03 Loss per share after exceptional item par value Rs 10/- basic and diluted in Rupees 61.95 72.33 Weighted average number of equity shares in nos. 265908883 222434428 Notes and additional information 21

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40 As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs SCHEDULE - 1 Share Capital Authorised: 900000000 March 31 2009 - 400000000 Equity Shares of Rs. 10/- each 90000.00 40000.00 10000000 March 31 2009 - 10000000 6 Redeemable Non Cumulative Preference Shares of Rs. 100/- each 10000.00 10000.00 TOTAL 100000.00 50000.00 Issued Subscribed and Paid-up : 265908883 March 31 2009 - 265908883 Equity Shares of Rs. 10/- each. 26590.89 26590.89 9700000 March 31 2009 - 9700000 6 Redeemable Non Cumulative Preference Shares of Rs. 100/- each 9700.00 9700.00 36290.89 36290.89 Notes: 1 130033350 Equity Shares and 9700000 6 Redeemable Non Cumulative Preference Shares were allotted during the year 2008 - 2009 pursuant to the Scheme of Arrangement under Section 391 to 394 of the Companies Act 1956 approved by the Honourable High Court of Karnataka dated June 16 2008 which resulted in demerger of the Scheduled Airline Business of Kingfisher Training and Aviation Services Limited. 2 Out of the above 27284390 March 31 2009 - 27284390 equity shares of Rs. 10/- each have been allotted as fully paid up bonus shares by capitalisation of securities premium of Rs. 2537.50 Lacs March 31 2009 - Rs. 2537.50 Lacs and balance in Profit Loss Account of Rs. 190.94 Lacs March 31 2009 - Rs. 190.94 Lacs. 3 Number of shares held by the Holding Company its Subsidiaries as certified by the management Equity Shares - 161100604 March 31 2009 - 161100604 Preference Shares - 9700000 March 31 2009 - 9700000 Recast 4 6 Redeemable Non-Cummulative Preference Shares are redeemable on such date as may be decided by the Board of Directors but expiring not later than twenty years from the date of issue. SCHEDULE - 2 Reserves and Surplus Securities Premium Balance as at the beginning of the year 8022.19 102074.17 Add: Received during the year - 83.61 Less: Adjusted against Goodwill pursuant to the Scheme - 94135.59 8022.19 8022.19 Schedules annexed to and forming part of the Balance Sheet as at March 31 2010

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41 Schedules annexed to and forming part of the Balance Sheet as at March 31 2010 Contd. As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs SCHEDULE - 3 Secured Loans A. Term Loans from Banks 302888.92 80687.27 B. Cash Credit / Overdraft facility from Banks 50734.57 34790.24 C. Short Term Loans from Banks 47846.84 42707.92 D. Vehicle Loan from Banks 3.05 48.03 E. Finance Lease Obligations 72537.66 94055.96 F. Term Loan from Others 10231.51 9962.69 484242.55 262252.11 Notes: 1 Long Term Loans from banks are secured as given below:- Security Offered Fixed assets of the company other than Kingfisher House and Ground Handling Equipments - 847.48 Helicopters 8521.02 8158.44 Assignment of Rights under Purchase Agreement entered with Aircraft Manufacturer for purchase of Aircrafts 33721.08 61566.70 First paripassu charge on Current Assets 10132.20 10114.65 Second Charge on Current Assets 14789.18 - PDP loans of Rs. 2825.35 Lacs March 31 2009 - Rs. 6721.42 Lacs is secured by personal guarantee of a director Paripassu charge on escrow of IATA collections assignment of credit card recievables. Kingfisher brand non disposal undertakings of certain aircrafts taken by the Company on hire purchase personal guarantee of a director 219035.20 - Secured by mortgage of Kingfisher house 16690.24 - 2 Cash credit facilities from banks are secured by a first charge on the current assets of the Company including hypothecation of the present and future stocks and receivables on a pari-passu basis. Cash Credit from banks amounting to Rs. 8111.19 Lacs March 31 2009 - 2065.13 Lacs have been secured by personal guarantee of a director. Second charge on fixed assets of Rs. 14239.22 Lacs March 31 2009 - Rs. Nil 3 Short Term Loans from banks are secured as given below:- Security Offered Fixed assets of the company other than Kingfisher House and ground handling equipments 37795.58 5068.00 Kingfisher House - 16697.27 First pari passu charge on Current assets 10051.26 20942.65 Loans of Rs. 12651.59 Lacs is secured by personal guarantee of a director.

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42 As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs 4 Vehicle loans are secured by the hypothecation of the respective assets. 5 Finance lease is secured by the hypothecation of the respective assets. 6 Term Loans from Others are secured as given below:- Security offered Hypothecation of aircraft assignment of documents of title to such assets. Loans to an extent of Rs. Nil March 31 2009 - Rs. 4924.21 Lacs is secured by personal guarantee of certain directors 5120.16 5074.74 Second priority on the mortgage of aircraft. 1508.91 1345.12 Hypothecation of furnitures fixtures 768.66 - Hypothecation of ground handling equipments 2833.78 3542.83 7 Amount repayable within one year Rs. 143873.55 Lacs March 31 2009 – Rs. 94776.91 Lacs. SCHEDULE - 4 Unsecured Loans A. Long Term Loan from Banks 107674.65 120748.08 B. Short Term Loan from Banks 83605.41 110886.76 C. Term Loan from Others 116737.06 72668.90 308017.12 304303.74 Notes: 1 Short Term Loan including interest accrued and due of Rs. 20650.46 Lacs March 31 2009 - Rs. 12657.24 Lacs is secured by personal guarantee of a director 2 Amount repayable within one year Rs. 194844.95 Lacs March 31 2009 – Rs. 156209.11 Lacs 3 In respect of loans aggregating to Rs. 123656.27 Lacs the lenders have an option to convert any part of the loan to Equity. The Shares are to be issued at par or as per prevalent SEBI guidelines. 4 In case of certain loans on the occurance of an event of default the lenders also have the right to instruct the Company to convert the loan into Equity Shares of the Company and the Company shall be under an obligation to convert the facility into its equity shares on such right being exercised. Schedules annexed to and forming part of the Balance Sheet as at March 31 2010

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43 SCHEDULE - 5 FIXED ASSETS Rs. in Lacs Gross Block Depreciation / Amortisation Net Block Particulars As at April 1 2009 Additions during the year Deletions during the year As at March 31 2010 As at April 1 2009 For the year On Dele- tions As at March 31 2010 As at March 31 2010 As at March 31 2009 Owned Assets Intangible Assets Computer Software 996.39 487.82 - 1484.21 585.86 338.51 - 924.37 559.84 410.53 Trademarks Refer note 1 below 100.00 - - 100.00 58.56 25.00 - 83.56 16.44 41.44 Design - Aircraft Interiors 246.46 - - 246.46 82.11 35.21 - 117.32 129.14 164.35 Non Compete Fees 3000.00 - - 3000.00 701.64 600.00 - 1301.64 1698.36 2298.36 Tangible Assets Land Buildings Refer note 2 below 2992.80 18.07 - 3010.87 22.32 49.08 - 71.40 2939.47 2970.48 Building on Rented Land 903.89 - - 903.89 49.30 14.73 - 64.03 839.86 854.59 Leasehold Improvements - on Buildings 1653.86 1078.77 - 2732.63 826.58 446.66 - 1273.24 1459.39 827.28 - on Aircraft 8737.42 20816.43 690.32 28863.53 4074.43 5935.32 531.59 9478.16 19385.37 4662.99 Refer note 3 below Ground Support and Other Equipment 13648.02 271.00 1087.53 12831.49 1796.64 651.20 86.80 2361.04 10470.45 11851.38 Computers 5197.51 378.53 0.49 5575.55 1767.11 864.10 0.08 2631.13 2944.42 3430.40 Office Equipment 1659.73 80.35 - 1740.08 257.00 108.61 - 365.61 1374.47 1402.73 Furniture and Fixtures 4063.39 114.89 74.30 4103.98 798.02 307.73 8.66 1097.09 3006.89 3265.37 Vehicles 2165.79 760.63 - 2926.42 534.72 235.51 - 770.23 2156.19 1631.07 Aircraft Helicopter 16802.28 - - 16802.28 1152.97 940.93 - 2093.90 14708.38 15649.31 Leased Assets Aircrafts Refer note 4 below 127012.70 1212.67 7733.05 120492.32 18921.32 9271.19 1462.94 26729.57 93762.75 108091.38 189180.24 25219.16 9585.69 204813.71 31628.58 19823.78 2090.07 49362.29 155451.42 157551.66 Previous Year Refer note 5 below 32233.46 157541.14 594.36 189180.24 4355.31 27531.10 257.83 31628.58 Capital Work-in-Progress Refer note 13 on schedule 21 98060.50 163094.65 253511.92 320646.31 Notes : 1 Certain Trademarks are pending registration. 2 Land and Buildings were purchased for a consolidated amount. Value of Land and Buildings have not been segregated. Depreciation has been provided on the entire amount. 3 Additions to leasehold improvements - aircrafts includes Rs. 20700.76 Lacs representing cost of major repairs to aircrafts taken on operating lease Refer note 29 on schedule 21. 4 a Additions includes foreign currency monetary translation differences capitalised - Rs. 1097.00 Lacs net Refer note 31 on schedule 21. b Depreciation for the year includes Rs. 3544.03 Lacs representing amortisation of foreign currency monetary translation differences relating to 2008 - 2009. Refer note 31 on schdeule 21. 5 Additions and depreciation during the year 2008 - 2009 includes Rs. 137741.68 Lacs and Rs. 14211.06 Lacs taken over pursuant to the Scheme. 6 Additions and deletions do not include aircrafts in respect of which rights to purchase have been transferred. Schedules annexed to and forming part of the Balance Sheet as at March 31 2010 Contd.

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44 Schedules annexed to and forming part of the Balance Sheet as at March 31 2010 Contd. As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs SCHEDULE - 6 Investments Long Term at Cost Trade unquoted fully paid up In Subsidiary 50000 Equity Shares in Vitae India Spirits Limited of Rs. 10/- each fully paid up 5.00 5.00 5.00 5.00 Aggregate value of unquoted investments at cost 5.00 5.00 SCHEDULE - 7 Inventories at Cost Rotables Tools and Engineering Consumables 13826.24 12179.41 Less: Provision for Obsolescence 643.71 729.06 13182.53 11450.35 Inflight Stores and Consumables 3196.44 3182.51 Fuel 108.77 91.82 16487.74 14724.68 SCHEDULE - 8 Sundry Debtors Unsecured and considered good Debts for the period exceeding six months 1602.51 912.15 Other Debts 30646.02 26511.13 32248.53 27423.28

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45 As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs SCHEDULE - 9 Cash and Bank Balances Cash on hand 107.65 131.02 Balances with Scheduled Banks: - On Current Accounts 4232.81 4589.00 - On Deposit Accounts 15555.92 12245.44 includes Rs. 90.50 Lacs March 31 2009 - Rs. 75.41 Lacs pledged with airport authorities and Rs. 9090.49 Lacs March 31 2009 - Rs. 926.12 Lacs under lien with banks towards guarantees / letters of credit issued by them Balances with Non Scheduled Banks: - On Current Accounts 750.32 221.24 Closing balance as at the year end First Commerce Bank - I 2155 March 31 2009 - 21568 First Commerce Bank - II 979 March 31 2009 - 1000 HSBC Bank UK - I GBP 35490 March 31 2009 - GBP 641 HSBC Bank UK - II GBP 144897 March 31 2009 - GBP 100774 HSBC Bank UK EURO - EURO 438869 March 31 2009 - EURO 893 HSBC Bank UK USD - 5523 March 31 2009 - 8223 Citibank New York USD - 62208 March 31 2009 - 345128 Citibank Dhaka - I BDT - BDT 50417120 March 31 2009 - Nil Citibank Dhaka - II BDT - BDT 256631 March 31 2009 - Nil Royal Bank of Canada CAD - CAD 16243 March 31 2009 - Nil Maximum amount outstanding during the year First Commerce Bank - I 131843 March 31 2009 - 8675250 First Commerce Bank - II 1000 March 31 2009 - 1000 HSBC Bank UK - I GBP 1137114 March 31 2009 - GBP 540556 HSBC Bank UK - II GBP 1027264 March 31 2009 - GBP 6889136 HSBC Bank UK EURO 438869 March 31 2009 - EURO 4100 HSBC Bank UK USD 101440 March 31 2009 - 17056 Citibank New York USD 1786516 March 31 2009 - 2424486 Citibank Dhaka - I BDT 51543342 March 31 2009 - Nil Citibank Dhaka - II BDT 428243 March 31 2009 - Nil Royal Bank of Canada CAD 31131 March 31 2009 - Nil Includes Cash of Rs. 2.87 Lacs March 31 2009 - Rs. 2.87 Lacs on which restriction is placed by the High Court of Karnataka. 20646.70 17186.70 SCHEDULE - 10 Other Current Assets Accrued interest on Deposits with Banks 236.89 395.52 Receivable from Deccan Charters Limited 1.94 1.94 238.83 397.46 Schedules annexed to and forming part of the Balance Sheet as at March 31 2010 Contd.

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46 Schedules annexed to and forming part of the Balance Sheet as at March 31 2010 Contd. As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs SCHEDULE - 11 Loans and Advances Unsecured and considered good Advances recoverable in cash or in kind or for value to be received 77279.48 36753.77 Deposits with Lessors towards: - Aircraft 12342.90 17636.99 - Aircraft Major Maintenance 61011.97 67143.11 73354.87 84780.10 Deposits with : - Airport Authorities 1913.55 1806.27 - Other Parties 7278.70 4967.59 9192.25 6773.86 Duty Free Credit Entitlement Receivable 2486.09 575.32 Service Tax Credit Receivable 12046.32 13448.15 Tax Deducted at Source 1729.57 1259.90 176088.58 143591.10 SCHEDULE - 12 Current Liabilities and Provisions Current Liabilities: Acceptances - 256.25 Sundry Creditors 260266.04 283431.12 Deposits 2889.95 3182.88 Advances Received / Forward Sales Refer note 27 on schedule 21 34850.74 26627.33 Gain on sale and lease back transaction 615.40 656.82 Less : Income for the year 41.42 41.42 573.98 615.40 Interest Accrued but not due 599.03 75.83 Temporary Overdrawn Bank Balances 1694.62 509.68 Unclaimed Dividend 2.76 2.76 Stamp Duty Payable pursuant to the Scheme 158.92 - Other Liabilities 49100.45 34766.28 350136.49 349467.53 Provisions: Provision for Wealth Tax 6.40 3.00 Fringe Benefit Tax Net 643.82 1250.00 Gratuity 1056.35 911.04 Leave Encashment / Compensated Absences 1239.62 1329.13 Frequent Flyer Scheme 1730.34 902.49 Stamp Duty Payable pursuant to the Scheme - 158.92 4676.53 4554.58

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47 Schedules annexed to and forming part of the Balance Sheet as at March 31 2010 Contd. As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs SCHEDULE - 13 Initial Cost on Leased Aircrafts Refer note 3s on schedule 21 Per last Balance sheet 1961.43 1304.74 Additions during the year taken over pursuant to the Scheme - 1629.72 Less: Amortised during the year 1311.92 973.03 649.51 1961.43 Loss on novation / assignment of rights interest on loans taken for financing pre delivery payments taken over pursuant to the Scheme 14683.37 2706.11 Additions during the year 807.54 13629.61 Less: Amortised during the year 1576.19 1652.35 13914.72 14683.37 14564.23 16644.80 SCHEDULE - 14 Miscellaneous Expenditure To the extent not written off Share issue expenditure 3640.53 3640.53 Less: Accumulated amortisation 3640.53 3189.65 - 450.88

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48 Schedules annexed to and forming part of the Profit and Loss Account for the year ended March 31 2010 2009-2010 Rs. in Lacs 2008-2009 Rs. in Lacs SCHEDULE - 15 Income from Services Passenger 471059.75 497207.72 Cargo 24517.20 15164.20 Excess Baggage 1555.23 1178.01 Rebooking Charges / Cancellation 9659.64 10348.19 506791.82 523898.12 Net of debit adjustment relating to prior years of Rs. Nil Previous Year - Rs. 11006.64 Lacs and credit card chargeback amount of Rs. 475.44 Lacs Previous Year - Rs. 4373.28 Lacs. SCHEDULE - 16 Other Income Incentive received from aircraft manufacturer - 2555.00 Interest on deposits with banks gross 919.13 760.28 Tax Deducted at Source - Rs. 118.03 Lacs Previous Year - Rs. 141.16 Lacs Income on sale and lease back transaction 41.42 41.42 Profit on sale / settlement of claims on account of Fixed Assets net 249.70 - Duty free credit entitlement 2195.62 575.32 Miscellaneous Income 4051.79 2428.44 Liability no longer required written back net 12854.63 - 20312.29 6360.46 SCHEDULE - 17 Employees Costs Salaries and Allowances 66879.13 80250.68 Contribution to Provident other funds 684.56 761.81 Gratuity 211.99 216.11 Leave encashment / Compensated absences 50.81 432.12 Staff welfare 1111.77 881.11 Employee Compensation Cost 62.77 156.60 68875.49 82385.23 Includes Rs. 142.14 Lacs relating to prior years.

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49 Schedules annexed to and forming part of the Profit and Loss Account for the year ended March 31 2010 Contd. 2009-2010 Rs. in Lacs 2008-2009 Rs. in Lacs SCHEDULE - 18 Operating and Other Expenses Landing Parking Housing and Navigation Charges 39590.07 35379.14 Ground Handling 15417.98 14289.27 Aircraft Maintenance: - Maintenance and Component Support Services 32670.48 36889.79 - Stores and Spares Consumed 4088.77 5118.58 - Others 4253.82 2812.63 41013.07 44821.00 Insurance: - Aircraft 5617.39 5277.85 - Others 540.38 537.38 6157.77 5815.23 Inflight and Other Amenities 18949.84 21913.72 Selling and Distribution 29647.46 25628.15 Commission paid to selling agents 15981.73 11138.06 Discounts other than trade discounts 7824.49 7573.92 Rent 5477.55 5465.43 Rates and Taxes 426.99 395.36 Rates and Taxes - Service Tax 7069.13 1419.34 Net of recognition of service tax credits relating to prior years Rs. Nil Previous Year - Rs. 4631.45 Lacs Repairs and Maintenance - Buildings 144.73 505.06 Repairs and Maintenance - Others 1550.67 1494.27 Advertising and Sales Promotion 15248.02 21022.67 Communication 3284.05 3939.85 Electricity 756.43 659.22 Printing and Stationery 480.08 860.36 Legal and Professional Fees 9703.01 9970.99 Travelling Conveyance Boarding expenses 6939.70 11797.86 Hire Charges 5527.29 6563.95 Training 2466.65 5161.75 Recruitment 122.40 387.65 Directors fees 9.30 13.30 Advances / Bad debts written off - 85.39 Loss on sale of Fixed Asset - 269.32 Loss on transfer of aircraft / engine purchase rights - 513.03 Miscellaneous expenses 4384.65 6319.47 238173.06 243402.76 Includes obsolete inventory written off of Rs. 1248.39 Lacs. Includes Rs. 417.84 Lacs relating to prior year. Includes Rs. 333.76 Lacs relating to prior year.

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50 2009-2010 Rs. in Lacs 2008-2009 Rs. in Lacs SCHEDULE - 19 Amortisations Amortisation of Initial Costs 2888.11 2625.38 Amortisation of Share Issue Expenses 450.88 1213.51 Amortisation of Slot Charges 2110.01 - 5449.00 3838.89 Includes Rs. 67.30 Lacs relating to prior years. Includes Rs. 676.61 Lacs relating to prior years. SCHEDULE - 20 Interest - On Fixed Loans 55208.92 32024.98 - On Other Loans 45557.68 37598.22 Bank charges and guarantee commission 8883.92 8232.46 109650.52 77855.66 Includes Rs. 1611.49 Lacs relating to prior years. Schedules annexed to and forming part of the Profit and Loss Account for the year ended March 31 2010

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51 SCHEDULE - 21 Notes to the financial statements for the year ended March 31 2010 1. Background Kingfisher Airlines Limited formerly known as Deccan Aviation Limited “the Company” is engaged in rendering scheduled and unscheduled aircraft passenger and cargo services including charter services. The Company was incorporated on June 15 1995 as a private limited company and converted itself into a public limited company on January 31 2005. Consequently the Company changed its name from Deccan Aviation Private Limited to Deccan Aviation Limited. On June 12 2006 the Company’s shares were listed on the Bombay Stock Exchange Limited and the National Stock Exchange Limited pursuant to the Company’s initial public offer of shares. The scheduled airline business of Kingfisher Training and Aviation Services Limited “KTASL” previously known as Kingfisher Airlines Limited demerged on a going concern basis with the Company with effect from April 1 2008 as the demerger appointed date vide scheme of arrangement approved by the honourable High Court of Karnataka vide its order dated June 16 2008 under sections 391 to 394 of the Companies Act 1956 "Scheme”. The helicopter charter division of the Company was also hived off pursuant to the Scheme. The Company changed its name from Deccan Aviation Limited to Kingfisher Airlines Limited with effect from September 5 2008. 2. Demerger of the commercial airline division of KTASL a Pending payment of stamp duty order of the Karnataka High Court in form 42 of the Companies Court Rules 1949 in respect of the Scheme is yet to be passed. b Documentation in respect of transfer of certain assets and liabilities taken over pursuant to Scheme to the name of the Company are pending. The Company is in the process of transfer of charges created by KTASL to its name in respect of securities granted for loans so taken over by the Company in consultation with the Registrar of companies. 3. Statement of significant accounting policies a Basis of preparation The financial statements have been prepared in accordance with Indian Generally Accepted Accounting Principles “GAAP” under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards as specified in the Companies Accounting Standards Rules 2006 the provisions of the Companies Act 1956 and guidelines issued by the Securities and Exchange Board of India. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. Further the financial statements are presented in the general format specified in Schedule VI to the Companies Act 1956 ‘the Act’. b Use of estimates In preparation of the financial statements in conformity with generally accepted accounting principles estimates and assumptions where necessary have been made based on Management’s best knowledge and experience. Accordingly actual results may differ from such estimates. c Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and revenue can be reliably measured. Revenue from charter services is recognized based on services provided and billed as per the terms of the contracts with the customers provided that the collection is reasonably certain. Revenue from sale of tickets of the airline and cargo operations is recognized in the period in which the service is provided Schedules forming part of accounts for the year ended March 31 2010

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52 c Revenue recognition Contd. i.e. on flown / carried basis. Such revenue is net of statutory fees to be collected from customers as per government regulations. Unearned revenue represents consideration on sale of passenger tickets and cargo against which the Company has to provide services in future periods and is included under Advances received / Forward sales. The same is released to the profit and loss account as the services are rendered. Fees for passenger initiated changes and cancellations of tickets are recognized as revenue in the period in which such changes / cancellations are effected. Interest income is recognized on a time proportionate method when the right to receive income is established and that collection is reasonably certain. Income from sale of advertisement space is recognized on accrual basis over the period the advertisements are displayed. The Company enters into barter arrangements with other parties for advertising in exchange for the Companys advertising in the other partys media or in exchange for other services or goods. Such transactions are recorded at the fair value of the services / goods received from the other party or at the fair value of the services provided by the Company if it is not feasible to determine the fair value of the services / goods received. d Fixed assets and Intangible assets Fixed assets and intangible assets are stated at cost of acquisition less accumulated depreciation / amortization and impairment losses if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use and also includes cost of modification and improvements to leased assets. Borrowing costs relating to acquisition of fixed assets are also included to the extent they relate to the period till such assets are ready to be put to use. Advances paid towards the acquisition of fixed assets and the cost of fixed assets not ready for intended use as of the balance sheet date are disclosed under capital work-in-progress. e Depreciation Depreciation on fixed assets except non-compete fees trademarks design – aircraft interiors software leasehold improvements is provided on a straight line basis at the rates prescribed under Schedule XIV to the Companies Act 1956 which are estimated to be the useful life of fixed assets by the management. Additions are depreciated on a pro-rata basis from the date of installation till the date the assets are sold or disposed. - Non-compete fees are amortized over the period of agreement i.e. five years. - Trademarks are amortized over the period of four years. - Design – Aircraft Interiors are amortized over the period of seven years. - Software is depreciated over a period of 1 - 4 years based on estimated useful life as ascertained by the management. - Leasehold improvements on operating leases are depreciated over the shorter of the period of the lease and their estimated useful lives. - Cost of major maintenance and overhaul of the engines are amortized over the period of estimated useful life of the repairs. - Movable cabins and mobile phones are depreciated over the period of five and two years respectively on a straight-line method. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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53 f Borrowing Costs Borrowing costs attributable to the acquisition or construction of a qualifying asset are capitalized as a part of the cost of the assets. Other borrowing costs are recognized as an expense in the period in which they are incurred. g Leases – Where the Company is a lessee Finance leases which effectively transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item are capitalized at the lower of the fair value and present value of the minimum lease payments at the inception of the lease term and disclosed as leased assets. Lease payments are apportioned between the finance charges and reduction of the lease liability based on the implicit rate of return. Finance charges are charged directly against income. Lease management fees legal charges and other initial direct costs are capitalized. If there is no reasonable certainty that the Company will obtain the ownership by the end of the lease term capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term. Leases where the lessors effectively retain substantially all the risks and benefits of ownership over the leased term are classified as operating leases. Operating lease payments including expenses incurred for bringing the leased asset to its working condition for intended use are recognized as an expense in the Profit and Loss account on a straight- line basis over the lease term. Profit or loss on sale and leaseback arrangements resulting in operating leases are recognized immediately in case the transaction is established at a fair value else the excess over the fair value is deferred and amortised over the period for which the asset is expected to be used. If the sale price is below the fair value and the loss is compensated by future lease payments at below market price the same is deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the fair value at the time of sale and lease back transaction is less than the carrying amount of the asset a loss equal to the amount of difference between the carrying amount and fair value is recognised immediately. In case of sale and leaseback arrangement resulting in a finance lease any excess or deficiency of sales proceeds over the carrying value is deferred and amortised over the lease term in proportion to the depreciation of the leased asset. h Impairment of assets The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset’s net selling price and value in use. In assessing value in use the estimated future cash flows are discounted to their present value at the weighted average cost of capital. After impairment depreciation is provided on the revised carrying amount of the asset over its remaining useful life. A previously recognized impairment loss is increased or reversed depending on changes in circumstances. However the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment. i Maintenance costs In respect of aircraft aircraft engines and helicopters the Company has entered into maintenance arrangements. Payments made to lessors for major maintenance expenditure as per the related maintenance agreements comprising fixed period-based amounts and variable activity-based amounts are initially considered as maintenance deposits and expensed as and when maintenance expenditure is incurred. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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54 j Inventory Inventories are valued at lower of cost or net realizable value. Cost is determined on first in first out basis except at one of the divisions where the weighted average basis was followed till December 31 2008. In respect of reusable items such as rotables special tools etc provision for amortization / obsolescence is made based on the estimated useful life of the aircraft as derived from Schedule XIV to the Companies Act 1956. In-flight inventory is valued on weighted average basis while inventory of fuel is valued on the basis of last fuel uplifted rates in respective aircrafts. k Investments Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However provision for diminution in value is made to recognize a decline other than temporary in the value of the investments. l Employee Benefits i. Defined Contribution Plan The Company contributes on a defined contribution basis to Employees’ Provident Fund and Pension Scheme towards post employment benefits all of which are administered by the respective government authorities. The Company also contributes to social security schemes in respect of its employees at certain overseas offices. It has no further obligation beyond making its contribution which is expected in the year in which it pertains. ii. Defined Benefit Plan The Company has a defined benefit plan namely gratuity for all its employees. The liability for the defined benefit plan of gratuity is determined on the basis of an actuarial valuation by an independent actuary at the year-end which is calculated using Projected Unit Credit Method. Actuarial gains and losses are adjusted in the Profit and Loss Account. iii. Other long-term employee benefits The employees of the Company are entitled to leave as per the leave policy of the Company. The liability in respect of unutilized leave balances is provided based on an actuarial valuation carried out by an independent actuary as at the year-end and charged to the Profit and Loss Account. Actuarial gains and losses are adjusted in the Profit and Loss Account. m Income taxes Tax expense comprises current deferred and fringe benefit taxes. Current income tax and fringe benefit tax are measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act 1961. Deferred income taxes reflects the impact of current period timing differences between taxable and accounting income for the period and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted as at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. Deferred tax assets are recognized on carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty that such deferred tax assets can be realized against future taxable profits. Unrecognized deferred tax assets of earlier years are re-assessed and recognized to the extent that it has become reasonably certain that future taxable income will be available against which such deferred tax assets can be realized. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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55 n Foreign currency transactions i. Initial recognition Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting and foreign currencies at the date of the transaction. ii. Conversion Foreign currency monetary items are reported at rate prevailing on the balance sheet date. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined. iii. Exchange differences Exchange differences arising on the settlement of monetary items or on reporting Companys monetary items at rates different from those at which they were initially recorded during the period or reported in previous financial statements are recognized as income or as expenses in the period in which they arise except that the Company has availed the option provided by notification No. G.S.R. 225E dated March 31 2009 issued by the Ministry of Corporate Affairs read with accounting standard 11 in respect of foreign exchange differences in respect of long term monetary assets and liabilities. iv. Forward exchange contracts The Company uses forward exchange contracts to hedge its exposure to movements in foreign exchange rates. The Company does not use the forward exchange contracts for trading or speculation purposes. In respect of foreign currency monetary assets or liabilities in respect of which forward exchange contract is taken the premium or discount arising at the inception of forward exchange contracts is amortized as expense or income over the life of the contract. Exchange differences on such contracts are recognized in the statement of profit and loss in the period in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognized as income or as expense for the period. Pursuant to The Institute of Chartered Accountants of India’s announcement ‘Accounting for Derivatives’ the Company marks-to-market all such outstanding derivative contracts at the end of the period and the resulting mark-to-market losses if any are recognized in the Profit and Loss Account. o Earnings per share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders after deducting preference dividends and relevant taxes by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average number of equity shares outstanding during the period is adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split consolidation of shares. For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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56 p Provisions A provision is recognized when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. q Deferred revenue expenses Share issue expenses are amortized over a period of three years on a straight- line basis following the year of incurring the expenses. r Stock option compensation expense The Company accounts for stock option compensation expense based on the intrinsic value of the options granted which is the difference between the fair value of the share underlying the option and the exercise price of the option determined at the grant date. Compensation expense is amortized over the period of vesting on a straight-line basis. The accounting value of the options net of deferred compensation expense is reflected as Employee stock option outstanding. s Initial costs on leased aircrafts Expenses directly attributable and incurred in relation to aircrafts acquired on operating lease arrangement are deferred and amortized over the period of lease of aircrafts. Such expenses interalia include initial borrowing costs incurred on pre delivery payments for aircrafts till the Company novates / assigns the right to acquire the aircrafts in favor of the lessors. t Incentives from aircraft manufacturers Incentives from aircraft manufacturers are credited to Profit and Loss Account in the year when such incentives are made available to the Company as per the terms of aircraft purchase agreements. This includes incentives granted for the purpose of meeting certain revenue expenses. u Commission Commission to travel agents is recognized when the corresponding revenues are recognized as income on flown / carriage basis. 4. Share Capital During the year the Company has allotted Nil year ended March 31 2009 - 77030 Equity Shares under the Employee Stock Option Plan. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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57 5. Commitments and contingent liabilities not provided for: Rs. in Lacs Particulars As at March 31 2010 As at March 31 2009 Remarks a. Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances as certified by management 2267640.57 2675229.60 Pertains to acquisition of aircrafts other capital assets in future. b. Guarantees / letters of credit given by banks on behalf of the Company 71331.52 74435.97 Pertains to guarantees and letters of credit given / issued by banks to Airport Authorities lessors suppliers of spares stores components and others. c. Claims against the Company not acknowledged as debts including civil and customer suits in the normal course of business to the extent ascertainable 33346.51 40550.16 Pertains to litigations filed against the Company which are pending with various authorities / arbitration including National Consumer Disputes Redressal Commission Consumers’ Disputes Forums Courts Civil Court and invoices / claims of suppliers and service providers not accepted by the Company. The Company has a claim against one of the parties to an extent of Rs. 10100.00 Lacs as at March 31 2009 Rs. 10100.00 Lacs. d. Demands raised by tax authorities against which the Company has preferred appeals 1336.84 2721.55 Pertains to disputes with tax authorities. The Company has filed necessary appeals. e. Claims by ex-lessors not acknowledged as debt Nil 21316.38 - f. Redelivery and other costs in respect of assets taken on operating lease at the end of the lease period Not ascertainable Not ascertainable In respect of operating leases the Company is required to return the aircrafts as per prescribed terms. However the lease periods are extendable for a longer period and considering on going maintenance of aircrafts a reliable estimate cannot be made of the redelivery costs. g. Amounts payable if any for breach of contractual obligations Not ascertainable Not ascertainable - h. Liability for deduction of tax at source on lease payments in respect of aircrafts and engines where agreements were entered into with lessors on or before March 31 2007 excluding interest 8644.15 5808.34 The Company has filed applications under section 1015A of the Income Tax Act 1961 with the Central Board of Direct Taxes seeking exemption from deduction of tax which are pending. These are being followed up by the Company. In respect of agreements involving tax of Rs. 3614.10 Lacs upto March 31 2010 applications made by the Company have been rejected. The Company has made representations to reconsider the matter. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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58 Particulars As at March 31 2010 As at March 31 2009 Remarks i. True up charges payable to a service provider difference between guaranteed volume of business and actual 2608.87 1244.19 Based on legal advice the Company has disputed the amount of the said charges payable as computed by the service provider and has sought refund of amounts paid wherever applicable. The Company has also contended that the relief agreement executed is not binding. Amount paid so far has been included in loans and advances. Such claim of the Company has been disputed by the concerned service provider. The Company is in the process of examining options open to it in the matter. j. Lease rentals claimed by a vendor in respect of spare engines supplied not acknowledged as debt 4596.57 Nil Certain aircraft engines supplied by a vendor failed prematurely and the Company has incurred substantial amounts on repair and overhaul of the same. Pending repair and overhaul of the said engines the Company has taken certain spare engines on lease from the said vendor. The Company has preferred claims against the said vendor and has requested the party to conclude arrangements to settle matter at zero cost to it. The party has submitted without prejudice a term sheet for settlement of the matter which envisages waiver of the lease rentals payable. The Company has entered into agreements for purchase of aircrafts / engines under which the Company has commitments to purchase aircrafts / engines over a period stipulated in the agreements. Such agreements involve complex pricing arrangements wherein the Company receives discounts / credits on such purchases which are based on the commitments to purchase which the Company is confident to fulfill currently. Accordingly amount of contingent liability if any as at the balance sheet date is not ascertainable. In addition to the above there are certain arbitration proceedings with customers / suppliers / contractors in respect of which claims are currently not ascertainable. The management believes based on internal assessment and / or legal advice that the probability of an ultimate adverse decision and outflow of resources of the Company is not probable and accordingly no provision for the same is considered necessary. Schedules forming part of accounts for the year ended March 31 2010 Contd. 5. Commitments and contingent liabilities not provided for: Contd.

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59 6. Managerial Remuneration Rs. in Lacs Particulars 2009-2010 2008-2009 Salaries and allowances  Captain G. R. Gopinath Nil 16.21  Captain K. J. Samuel Nil 8.04 Directors’ sitting fees 9.30 13.30 Ceased to be whole time directors from October 15 2008. 7. Auditors’ remuneration Rs. in Lacs Particulars 2009-2010 2008-2009 Statutory audit fees 50.00 50.00 Other services certification etc. 50.05 31.13 Out of pocket expenses 2.45 1.56 Total 102.50 82.69 Excluding service tax 8. Earnings in Foreign Currency on accrual basis: Rs. in Lacs Particulars 2009-2010 2008-2009 Passenger / cargo revenue 68466.78 21911.99 Miscellaneous Income Nil 2555.00 Profit / Loss on transfer of assets 1421.86 513.03 9. CIF value of imports Rs. in Lacs Particulars 2009-2010 2008-2009 Capital goods 626.07 499.25 Stores Spares Components 3142.56 8541.36 10. Expenditure in Foreign Currency on accrual basis Rs. in Lacs Particulars 2009-2010 2008-2009 Salaries Traveling Conveyance Professional Consultancy expenses Training expenses Aircraft and other maintenance expenses Lease rentals Ticket distribution and reservation system Interest Fuel Purchase Airport Charges Ground Handling Redelivery costs Others 11112.62 2128.45 3909.59 2145.77 43119.88 109381.52 27238.15 4524.28 30618.22 6823.39 3868.98 22755.80 7290.08 8929.56 4047.49 498.92 1511.71 39826.07 118513.22 22473.56 5953.25 908.70 2937.96 2013.79 18457.84 20.89 Schedules forming part of accounts for the year ended March 31 2010 Contd.

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60 11. Value of components and spare parts consumed Rs. in Lacs Particulars 2009-2010 2008-2009 Amount Amount Imported 2332.16 57 3449.06 67 Indigenous 1756.62 43 1669.52 33 Total 4088.78 100 5118.58 100 12. a Buildings constructed at a cost of Rs. 88.74 Lacs are on land rented from the State Government for which lease has been transferred to Deccan Charters Limited DCL. Such rental agreement is renewable on an annual basis. The Company is in the process of entering into an appropriate arrangement with DCL. b Buildings constructed at a cost of Rs. 865.86 Lacs are on land belonging to the Airport Authority of India. Such rental agreements are renewable on a periodical basis. 13. Capital work-in-progress includes capitalized interest on borrowings for purchase of fixed assets. The movement in the account is given below: Rs. in Lacs Particulars 2009-2010 2008-2009 Opening Balance 19355.96 2157.66 Add: Taken over from KTASL pursuant to Scheme Nil 14939.59 Add: Interest capitalized during the year 6154.67 12281.73 Less: Deletions on account of delivery and cancellation of orders of aircrafts 13182.34 10023.03 Closing Balance 12328.29 19355.96 14. Employee Stock Option Plan ESOP On March 16 2005 the shareholders of the Company approved an employee stock option plan ESOP 2005. Further on December 21 2005 the Board of Directors approved the ESOP 2006 scheme which will govern issuance of options on or after January 1 2006. Options issued under ESOP 2005 would continue to be governed under ESOP 2005. The shareholders have approved the issuance of 8181779 options in aggregate subject to a maximum of 10 of the aggregate number of issued and outstanding equity shares calculated on an as converted basis under both the options put together. During the year ended March 31 2010 no options under ESOP 2006 scheme have been issued. Details of number and weighted-average exercise prices of options are given below: Particulars 2009-2010 2008-2009 Number of options Weighted average exercise price per share In Rupees Number of options Weighted average exercise price per share In Rupees Outstanding at the beginning of the year 1793180 65.00 3485665 65.00 Granted during the year Nil Nil Nil Nil Exercised during the year Nil Nil 77030 65.00 Forfeited during the year 363470 65.00 1615455 65.00 Outstanding at the end of the year 1429710 65.00 1793180 65.00 Exercisable at the end of the year 822310 65.00 608170 65.00 The weighted average contractual remaining life of the options is 6.69 years as at March 31 2010. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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61 The Company has determined intrinsic values based on the fair value of the shares on the date of grant as follows: Month year of grant Intrinsic value determined In Rupees June 2005 62.97 December 2005 62.97 April 2007 49.90 September 2007 83.80 February 2008 91.95 The Company has written back deferred compensation expense of Rs. 62.77 Lacs Previous year - Rs. 156.60 Lacs during the year on account of forfeiture of options issued. Rs. in Lacs Accounting value of stock options outstanding 803.68 Less: Deferred stock compensation expense to be amortized in future years 55.50 Employee stock option outstanding 748.18 The following table illustrates the effect on net loss per share if the Company had applied the fair value method under Black-Scholes model to measure stock-based compensation. Rs. in Lacs Particulars 2009-2010 2008-2009 Net loss after tax as reported after extraordinary item 164722.06 160883.01 Less: Compensation expense as recognized 62.77 156.60 Add: Compensation expense under the fair value method Black-Scholes Method 89.87 207.64 Net loss after tax pro forma after extraordinary item 164694.96 160831.97 Loss per share as reported basic and diluted Rs. 10 par value in Rupees 61.95 72.33 Loss per share pro forma basic and diluted Rs. 10 par value in Rupees 61.94 72.31 The following assumptions were used in determination of the fair value of the Company’s stock options for pro forma net loss per share disclosures using the Black-Scholes option-pricing model. Particulars For options issued during the year 2009-2010 For options issued during the year 2008-2009 Risk free interest rate NA NA Weighted average expected life years NA NA Expected volatility NA NA Expected dividends - - The Company has not issued any options during the year. The Board of Directors of the Company are yet to formulate the stock option plan to the employees of the commercial airline division of KTASL taken over by the Company pursuant to clause 11.1 of the Scheme. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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62 15. Related Party Disclosures Parties identified by the Management: Names of related parties Holding Company United Breweries Holdings Limited from August 1 2008 Fellow Subsidiaries Kingfisher Finvest India Limited formerly known as Kingfisher Radio Limited KFFIL UB Infrastructure Projects Limited UBIPL Kingfisher Training and Aviation Services Limited KTASL Deccan Charters Limited DCL All from August 1 2008 DCL ceased to be a fellow subsidiary from November 29 2008. Subsidiary of the Company Vitae India Spirits Limited Key Management Personnel KMPs Dr. Vijay Mallya from October 16 2008 Capt. G. R Gopinath Capt. K. J. Samuel Mr. Ramki Sundaram. The latter named three persons ceased to be KMPs from October 15 2008. Associate Company Kingfisher Finvest India Limited up to July 31 2008 Enterprises owned or significantly influenced by key management personnel or their relatives or persons who have control or significant influence over the Company Deccan Cargo Private Limited DCPL ceased to be a related party with effect from October 15 2008 Deccan Charters Limited DCL up to July 31 2008 Relatives of Key Managerial Personnel Mr. Joseph Samuel son of Capt. K. J. Samuel. He ceased to be a related party with effect from July 13 2009. Rs. in lacs Transactions during the year Holding Company Fellow Subsidiaries Subsidiary KMPs and their relatives Enterprises owned or significantly influenced by key management personnel or their relatives or persons who have control or significant influence over the Company Remuneration Mr. Ramki Sundaram Mar-10 NA Mar-09 45.45 Interest income on advances Mr. Ramki Sundaram Mar-10 NA Mar-09 26.68 Reimbursement of expenses incurred on behalf of DCPL Mar-10 NA Mar-09 43.38 Guarantee and security commission expense Mar-10 4948.20 17.50 Mar-09 3277.91 17.50 License fees expense Mar-10 642.50 Mar-09 650.77 Interest expense Mar-10 2493.86 1892.30 164.77 Mar-09 1360.52 1750.36 75.86 Reimbursement of expenses Mar-10 0.62 1.44 0.06 Mar- 09 5.24 Nil Nil Loans borrowed Mar-10 13962.00 11300.00 1000.00 Mar-09 2550.00 Nil Loans repaid Mar-10 3067.54 700.00 Mar-09 3000.00 7270.00 Schedules forming part of accounts for the year ended March 31 2010 Contd.

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63 Transactions during the year Holding Company Fellow Subsidiaries Subsidiary KMPs and their relatives Enterprises owned or significantly influenced by key management personnel or their relatives or persons who have control or significant influence over the Company Outstanding payable net of receivables Mar-10 32122.75 20850.38 1814.28 Mar-09 14084.50 8623.14 655.58 Outstanding receivables net of payable Mar-10 Nil Mar-09 377.01 Assets taken over pursuant to Scheme Mar-10 Nil Mar-09 398931.17 Liabilities taken over pursuant to Scheme Mar-10 Nil Mar-09 470363.42 Shares allotted pursuant to Scheme face value Mar-10 Nil Nil Nil Mar-09 8638.52 equity 9700.00 preference 714.29 1511.73 Guarantees given on behalf of the Company for loans taken other liabilities Mar-10 698546.06 Mar-09 383324.62 Investments made by the Company during the year in Vitae India Spirits Limited Mar-10 Nil Mar-09 5.00 UBIPL KFFIL KTASL Excludes conversion of interest other dues payable as loan of Rs. 9239.00 Lacs and Rs. 2370.00 Lacs respectively. Recast NA: Not applicable. Remuneration paid to directors is disclosed in the note 6 above. Salaries paid during the year 2009-2010 Rs. 9.02 Lacs Previous year – Rs. 15.15 Lacs to a relative of a director of the Company. Some of the key managerial personnel have given personal guarantees. In addition to key managerial personnel their relatives have offered collateral securities to banks and financial institutions against the loans taken by the Company from such banks and financial institutions. In addition the Company has derived revenue from certain related parties from sale of tickets / cargo space in the normal course of business. These have not been quantified shown separately. List of Fellow Associates City Properties Maintenance Company Bangalore Limited DCL Holdings Private Limited Inversiones Mirabel S.A Kingfisher Aviation Training Limited formerly Kingfisher Training Academy Limited Kingfisher Training and Aviation Services Limited formerly Kingfisher Airlines Limited Kingfisher Finvest India Limited formerly Kingfisher Radio Limited Schedules forming part of accounts for the year ended March 31 2010 Contd.

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64 Schedules forming part of accounts for the year ended March 31 2010 Contd. Mangalore Chemicals Fertilizer Limited McDowell Holdings Limited Mendocino Brewing Co. Inc U.S.A Pixray India Limited Releta Brewing Company LLC Rigby International Corp Rubic Technologies Inc. UB Electronic Instruments Limited UB Engineering Limited UB Infrastructure Projects Limited UB International Trading Limited UB Overseas Limited UBHLBVI Limited UBSN Limited United Breweries International UK Limited United Breweries of America Inc Delaware United Spirits Limited WIE Engineering Limited Under Liquidation The above parties do not necessarily fall within the meaning of “Related Parties” in terms of Accounting Standard -18. 16. Leases and Hire Purchase a The Company has entered into operating and finance lease agreements. Disclosures required under AS 19 on “Leases” is as given below: Operating leases Operating lease arrangements comprise of leases of aircraft helicopters and spare engines. The salient features of such lease agreements are as follows:  Lease periods range up to twelve years and are usually non-cancelable.  Lease rentals are usually fixed over the term of the lease while some arrangements are subject to adjustments linked to the Libor rates movements.  The Company also has agreements for maintenance and lease of stores and spares for such aircrafts for which fixed and variable rentals are paid. Variable rentals are paid on a pre determined rate payable on the basis of actual flying hours / cycles. Such variable rentals are subject to annual escalations as stipulated in the agreements. However the Company is eligible to claim reimbursement of maintenance costs to the extent eligible under the agreements.  The Company does not have an option to buy the aircraft or helicopters and spare engines or to renew the leases.  In case of default by the Company in addition to repossession of the aircraft penalties are stipulated in the agreements.  The Company is required to deposit a commitment fee and a security deposit with the lessor or provide a letter of credit for such amounts.

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65 Rs. in Lacs Particulars 2009-2010 2008-2009 Lease contributions for the year excluding maintenance reserves for aircrafts and engines 109381.52 118513.22 Minimum lease payments contributions - Not later than one year 100419.03 129245.17 - Later than one year but not later than five years 314551.95 423381.80 - Later than five years 172918.21 293639.41 Recast In addition to the above the Company has entered into agreements to lease aircrafts / engines in respect of which the aircrafts / engines are pending delivery / the lease was yet to commence as at March 31 2010. The above table of minimum lease payments does not include amounts that may become payable in respect of leases yet to commence as at March 31 2010. Finance leases Rs. in Lacs Particulars 2009-2010 2008-2009 Total minimum lease payments at the balance sheet date in case of balance fixed non cancelable lease term 92087.81 124005.84 Less: Amount representing finance charges 19550.15 29949.88 Present value of minimum lease payments 72537.66 94055.96 Lease payments for the year 13763.13 11712.41 Minimum Lease Payments : Not later than one year Present Value as at March 31 2010 Rs. 13047.38 Lacs As at March 31 2009 Rs. 11004.44 Lacs 17311.57 17198.93 Later than one year but not later than five years Present Value as at March 31 2010 Rs. 34803.42 Lacs As at March 31 2009 Rs. 41033.45 Lacs 46694.54 58185.48 Later than 5 years Present value as at March 31 2010 Rs. 24686.86 Lacs As at March 31 2009 Rs. 42018.07 Lacs 28081.70 48621.43 Salient features of Finance Lease Agreement Aircraft:  Monthly aircraft lease rentals are paid in the form of fixed rentals.  The Company is responsible for keeping the aircraft airworthy in all respects and in good condition and insuring the same throughout the lease period.  The Company has an option to purchase the aircraft either during the term of the lease on payment of the outstanding principal amount or at the end of the lease term on payment of a nominal option price.  In the event of default the Lessee is responsible for payment of all costs of the Owner including financing costs and other associated costs. Further a right of repossession is available to the Owner / Lessor. b In addition the Company has entered into cancelable leasing arrangements for office and residential premises which are renewable at mutual consent. Lease rentals of Rs. 5477.55 Lacs Previous year - Rs. 5465.43 Lacs have been included under the head “Operating and Other Expenses - Rent” under Schedule 18 in the Profit and Loss Account. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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66 17. Segment disclosures a Geographical segments – Considering the internal reporting framework the Company has considered geographical segments as the primary segments. Such segments consist of domestic air transportation within India and international air transportation outside India. Rs. in Lacs Particulars Domestic sectors International sectors Total Revenue 2009-10 452204.66 54587.16 506791.82 2008-09 513722.69 10175.43 523898.12 Segment results - gain / loss before tax and interest 2009-2010 33548.94 34008.46 459.52 2008-2009 Not ascertained Not ascertained Not ascertained Less: Interest and finance charges 109650.52 Depreciation and other amortisations 21728.75 Other unallocable expenditure 89477.49 Exceptional items and foreign exchange translation differences 40787.56 Add: Unallocable income 20312.29 Total loss before tax expense 241791.55 The value of assets and liabilities capital expenditure incurred during the year and depreciation on fixed assets segment wise cannot be segregated and identified to any reportable segment. Note: The above data is as certified by management. b Business segments The Company operates in a single business segment i.e. of providing scheduled and unscheduled air transportation services. Accordingly no separate segment disclosures for business segments are required to be given. 18. Deferred taxes Rs. in Lacs Particulars As at March 31 2010 As at March 31 2009 Liability On account of depreciation on fixed assets 35828.73 30624.48 On account of timing differences in recognition of expenditure 4837.87 5810.82 Deferred tax liability A 40666.60 36435.30 Asset On account of timing differences in recognition of expenditure 976.49 1172.81 On account of disallowance under section 40a ia 58522.54 19648.45 On account of Unabsorbed losses and depreciation under the Income Tax Act 1961 224604.08 182587.25 Deferred tax asset B 284103.11 203408.50 Net deferred tax asset B – A 243436.51 166973.20 Schedules forming part of accounts for the year ended March 31 2010 Contd.

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67 Deferred tax asset on unabsorbed depreciation and business losses has been recognized on the basis of business plan prepared by the management which takes into account certain future receivables arising out of contractual obligations. The management is of the opinion that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which the deferred tax asset can be realized. 19. Provisions In accordance with Accounting Standard – 29 ‘Provisions Contingent Liabilities and Contingent Assets’ following is the movement in provision towards cost for frequent flyer program. Frequent Flyer Program: The Company has a Frequent Flyer Program King Club wherein passengers who fly frequently are entitled to accumulate miles to their credit. The passenger is eligible to redeem such miles in the form of tickets. The cost of allowing free travel to members is accounted considering the members’ accumulated mileage on an incremental basis. The movement in the provision towards cost for frequent flyer program during the year is as under: Rs. in Lacs Particulars As at March 31 2010 As at March 31 2009 Opening Balance 902.49 Nil Add: Taken over from KTASL pursuant to Scheme Nil 429.72 Add: Provision during the year 1038.64 472.77 Less: Amounts utilized during the year 210.79 Nil Closing Balance 1730.34 902.49 The outflow with regard to above would depend upon utilization of accumulated mileage by the members and hence the Company is not able to reasonably ascertain the timing of outflow. Leave encashment / compensated absences The movement in the provision towards cost of leave encashment / compensated absences during the year is as under: Rs. in Lacs Particulars As at March 31 2010 As at March 31 2009 Opening Balance 1329.13 394.59 Add: Taken over from KTASL pursuant to the Scheme Nil 574.97 Add: Provision during the year 50.81 359.57 Less: Amounts utilized during the year 140.32 Nil Closing Balance 1239.62 1329.13 20. Loss per share EPS Particulars 2009-2010 2008-2009 After exceptional items Loss for computation of basic and diluted EPS 164722.06 160882.99 Before exceptional items Loss before exceptional items and tax expense 206026.08 244849.53 Less: Tax expense after reworking deferred tax credit on account of exceptional items. 65189.09 64606.51 Loss for computation of basic and diluted EPS 140836.99 180243.02 Weighted average number of shares considered for basic EPS Rs 10 par value – nos. 265908883 222434428 Weighted average number of shares considered for diluted EPS - nos. 265908883 222434428 Recast The effect of employee stock options and options vested in certain lenders to convert their outstanding to equity on weighted average number of shares for diluted EPS is not considered since their effect is anti-dilutive. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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68 21. There were no forward or derivative contracts outstanding as at March 31 2010 and March 31 2009. Foreign currency exposures as at March 31 2010 and March 31 2009 that had not been hedged by any derivative instrument or otherwise are estimated as follows: Rs. in Lacs Particulars As at March 31 2010 As at March 31 2009 Capital Advances 84855.64 138173.86 Prepaid Maintenance Reserve 61011.97 67143.11 Other Assets Receivables 34063.19 46459.07 Finance Lease for aircrafts and other term loan from financial institution 76880.36 98943.91 Other Liabilities Payables 122143.08 73046.87 Recast 22. Employee Benefits: a Contribution to defined benefit plans-gratuity plan unfunded as certified by the management Rs. in Lacs Particulars 2009-2010 2008-2009 I Change in benefit obligation: Defined benefit obligation DBO at the beginning of the year 911.04 384.34 Taken over from KTASL pursuant to Scheme Nil 343.58 Service Cost 341.00 193.63 Interest Cost 91.87 46.60 Actuarial loss / gain 220.88 24.12 Benefits paid 66.68 32.99 Defined benefit obligation at the end of the year 1056.35 911.04 II Components of cost for the year: Service cost 341.00 193.63 Interest on defined benefit obligation 91.87 46.60 Expected return on plan assets Nil Nil Net actuarial gain recognized in the year 220.88 24.12 Net gratuity recognized in the Profit and Loss Account 211.99 216.11 III Actuarial assumptions: Discount rate p.a. 8 7.75 Salary Escalation Rate p.a. 5 5 Retirement Age other than pilots 58 years 58 years Retirement Age pilots Mortality Rates of LIC 1994-1996 mortality table Rates of LIC 1994-1996 mortality table Withdrawal rate 2 2 b Contribution to defined contribution plans Contribution to provident fund Rs. 602.13 Lacs Previous year - Rs. 647.97 Lacs. Contribution to social security schemes Rs. 198.23 Lacs Previous year - Rs. 157.79 Lacs. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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69 23. The Company has initiated the process of obtaining confirmation from suppliers regarding the registration under the MSME Act 2006 “Micro Small and Medium Enterprises Development Act 2006”. The suppliers are not registered wherever the confirmations are received and in other cases the Company is not aware of their registration status and hence information relating to outstanding balance or interest due is not disclosed as it is not determinable. 24. Details of non-resident shareholdings as certified by management: Particulars As at March 31 2010 As at March 31 2009 Number of non resident share holders 789 627 Number of shares held by non resident shareholders 41900829 43644231 25. Accounts of certain creditors debtors loans advances passenger service fees and user development charges payable are subject to review / reconciliation / confirmation. Adjustments if any will be made on completion of such review / reconciliation / receipt of confirmations. 26. The Company has incurred substantial losses and its net worth has been eroded. However having regard to improved passenger and cargo load in recent months improvement in economic sentiment and business prospects cost savings schemes being implemented premature termination of certain lease / purchase contracts recently launched international routes route rationalization programs request made to banks to refix payment obligations and convert short term loans to long term loans request made to the Reserve Bank of India by banks to provide a onetime dispensation from the prudential norms on income recognition asset classification and provisioning on such refixing / conversion group support capital raising plans etc the financial statements have been prepared on the basis that the Company is a going concern and that no adjustments are required to the carrying value of assets and liabilities. The Company has availed the services of an internationally renowned expert in aviation to assist it in the turnaround operations. 27. The Company’s Centralized Ticket Reservation System CRS does not support capture of unearned revenue on a comprehensive basis. Accordingly such unearned revenue has been computed by the management based on a statement of unflown revenue as at March 31 2010 generated by the service provider which has been corroborated broadly by multiplying the estimated aggregate number of unflown tickets as on that date by the average estimated ticket value prevailing in each of the months to which such unflown tickets relate to. In the opinion of the management the effect of mistakes observed in the said statement is not material. Management is taking continuing steps to streamline the process of determination of unearned revenue. 28. The Company’s Cargo Revenue Management CRM system is yet to stabilize. Mistakes noticed have been corrected to the extent identified. The Company is of the view that any unadjusted differences will not be material. Management is taking steps to further streamline the processes and stabilize the system. 29. Change in the method of accounting costs on major repairs and maintenance of its engines: During the year the Company has adopted the exposure draft on Accounting Standard - 10 Revised Tangible Fixed Assets’ which allows such costs on major repairs and maintenance incurred to be amortized over the incremental life of the asset. The Company has extended the same treatment to costs and maintenance for engines pertaining to aircrafts acquired on operating lease. Earlier the Company used to charge off the cost of such repairs and maintenance of its engines to the Profit and Loss Account as and when incurred. Had the Company not changed its method of accounting the loss before and after tax for the year would have been higher by Rs. 16390.25 Lacs and Rs. 10945.82 Lacs respectively. This revised accounting policy has been confirmed by an independent expert and in the opinion of the management this accounting treatment has resulted in a fair depiction of the working results and the state of the affairs of the Company. Schedules forming part of accounts for the year ended March 31 2010 Contd.

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70 30. The Company has not prepared consolidated financial statements CFS as required by the AS 21 since the transactions of subsidiary during the year/its assets and liabilities were not material. 31. Change in the method of accounting foreign exchange differences in respect of long term monetary assets and liabilities a Till the previous year the Company complied with the procedures prescribed in Accounting Standard 11 in respect of foreign exchange differences by recognizing the same as income or expense in the period in which they arose. During the year the Company has changed its accounting policy with regard to the treatment of foreign exchange differences in respect of long term monetary assets and liabilities by following the provisions prescribed in notification No. G.S.R. 225E dated March 31 2009 issued by the Ministry of Corporate Affairs. The Company has been legally advised that it is open to it to exercise the option provided by the said notification during the current year. The underlying principle behind the issuance of the aforesaid notification is to allow recognition of an appropriate charge in financial statements for foreign exchange differences by eliminating excessive fluctuation differences that arise in respect of long term monetary assets and liabilities. b Unrealized foreign exchange differences in respect of long term monetary liabilities on account of depreciable assets as at March 31 2010 recognized in the Profit and Loss Account during the year ended March 31 2009 has been adjusted in the cost of the relevant asset and the opening debit balance in the profit and loss account of the current year. Depreciation on the same has been prospectively adjusted over a period of three years. c Unrealized foreign exchange differences in respect of long term monetary assets and liabilities on account of non depreciable assets as at March 31 2010 and recognized in the Profit and Loss Account during the year ended March 31 2009 net of amortization for the year 2008 - 2009 has been transferred to a ‘Foreign Currency Monetary Items Translation Difference Account’ by adjusting the same against the opening debit balance in the profit and loss account of the current year. d No adjustments have been made in respect of foreign exchange differences in respect of long term monetary assets and liabilities as at March 31 2008 in the absence of ready data. e The amount amortized to the Profit and Loss Account of the current year on account of ‘Foreign Currency Monetary Items Translation Differences’ is Rs. 2798.28 Lacs. f The amount remaining to be amortized in the ‘Foreign Currency Monetary Items Translation Difference Account’ as at March 31 2010 is Rs. 2798.27 Lacs Debit. g But for the said change the loss for the year before and after tax expense would have been more by Rs.11301.76 Lacs and Rs. 7547.60 Lacs respectively. 32. Previous year’s figures have been regrouped / reclassified wherever necessary to conform to the current year’s presentation. Schedules forming part of accounts for the year ended March 31 2010 Contd. As per our report of even date For B. K. Ramadhyani Co. For and on behalf of the Board of Directors Chartered Accountants Shyam Ramadhyani Dr. Vijay Mallya A. K. Ganguly A. K. Ravi Nedungadi Partner Chairman Managing Director Director Director Membership No. 019522 Mumbai Mumbai A. Raghunathan N. Srivatsa May 28 2010 May 28 2010 Chief Financial Officer Company Secretary

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71 For and on behalf of the Board of Directors Dr. Vijay Mallya A. K. Ganguly A. K. Ravi Nedungadi Chairman Managing Director Director Director Mumbai A. Raghunathan N. Srivatsa May 28 2010 Chief Financial Officer Company Secretary Statement pursuant to Section 212 of the Companies Act 1956 related to the Subsidiary Company Particulars Vitae India Spirits Limited 1. Financial year of the Subsidiary ended on March 31 2010 2. Shares of the Subsidiary held by the Company on the above date: a Number face value 50000 Equity Shares of Rs.10/- each b Extent of holding 100 3. Net aggregate amount of profits/losses of the Subsidiary so far as they concern members of Kingfisher Airlines Limited: a For the financial year of the Subsidiary i Dealt within the accounts of the Company for the year ended March 31 2010 Rs. Lacs NIL ii Not Dealt with the accounts of the Company for the year ended March 31 2010 Rs. Lacs 2.05 b For the previous financial year of the subsidiary since it became a subsidiary i Dealt within the accounts of the Company for the previous financial year ended March 31 2009 Rs. Lacs NIL ii Not Dealt with the accounts of the Company 1.53 for the previous financial year ended March 31 2009 Rs. Lacs

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72 2009-2010 Rs. in Lacs 2008-2009 Rs. in Lacs A. Cash Flow from Operating Activities Loss Before Tax 241791.55 268603.05 Adjustments for : Depreciation / Amortisation 16279.75 13320.04 Provision for Gratuity 145.31 183.12 Provision for Leave Encashment / Compensated Absences 89.51 359.57 Provision for Frequent Flyer Scheme 827.85 472.77 Bad debts Net - 85.39 Initial Costs amortised on Leased Aircrafts 2888.11 2625.38 Amortisation of Share issue expenses 450.88 1213.51 Amortisation of slot charges 2110.01 - Employee Compensation Income / Expense 62.77 156.60 Profit / Loss on sale of transfer of aircraft / engine rights - 513.03 Profit / Loss on sale of assets 249.70 269.32 Interest expense 100766.60 69623.20 Interest Income on deposits with Banks 919.13 760.28 Unrealised Exchange Gain on short term liabilities 3873.77 21767.08 118273.63 65981.37 Operating Loss Before Working Capital Changes 123517.92 202621.68 Adjustment for changes in working capital: excludes assets liabilities taken over pursuant to the Scheme. Refer Note 4 given below Increase / decrease in inventories 1763.04 5534.24 Increase / decrease in sundry debtors 4825.24 8047.92 Increase / decrease in Loans and Advances and Other Current Assets 39369.59 138112.84 Increase / decrease in Current Liabilities and Provisions 3436.66 183876.30 42521.21 32181.30 Add : Taxes paid including fringe benefit tax 469.66 302.81 Net Cash used in Operating Activities 166508.79 170743.19 B. Cash Flow From Investing Activities excludes assets liabilities taken over pursuant to the Scheme. Refer Note 4 given below Movement in fixed assets including changes in Capital work-in -progress 27217.12 39861.49 Sale of fixed assets 7745.32 67.22 Investment in subsidiary - 5.00 Initial Costs incurred on Leased Aircrafts 807.54 13629.61 Slot charges incurred during the year 2849.78 - Repayment of Finance Lease obligation during the year principal portion 8869.58 7140.48 Profit / loss on sale of transfer of aircraft / engine rights - 513.03 Interest on deposits with Banks 1077.76 2022.87 Net Cash used / from in Investing Activities 23513.30 20663.46 Cash Flow Statement for the year ended March 31 2010

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73 Cash Flow Statement for the year ended March 31 2010 Contd. 2009-2010 Rs. in Lacs 2008-2009 Rs. in Lacs C. Cash Flow from Financing Activities excludes assets liabilities taken over pursuant to the Scheme. Refer Note 4 given below Proceeds from issue of Share Capital - 50.07 Proceeds from Loans from Banks and Others net 241284.35 103062.40 Interest Paid 94828.83 74101.47 Net Cash From Financing Activities 146455.52 29011.00 Net increase / decrease in Cash and Cash equivalents 3460.00 14903.84 Cash and Cash equivalents at beginning of the year 17186.70 28012.23 Cash and Cash equivalents acquired from KTASL - 4078.31 Cash and Cash equivalents at the end of the year 20646.70 17186.70 As at March 31 2010 Rs. in Lacs As at March 31 2009 Rs. in Lacs Cash and Cash equivalents comprises of : Cash in Hand 107.65 131.02 Balance with Banks 20539.05 17055.68 TOTAL 20646.70 17186.70 Notes: 1 The above cash flow statement has been prepared under the "Indirect Method" as set out in the Accounting Standard - 3. 2 Figures in bracket indicate cash inflow. 3 Previous years figures have been regrouped/ rearranged to conform with current years classifications. 4 The above Cash flow statement has been prepared without considering the assets liabilities taken over pursuant to the Scheme. The details are as hereunder: Rs. in Lacs Rs. in Lacs a Inventory - 4326.10 b Sundry Debtors - 12305.02 c Loans and Advances - 30705.95 d Other Current Assets - 149.45 e Current Liabilities - 96136.83 f Provisions - 2188.26 g Fixed Assets - Gross Block - 137741.68 h Fixed Assets - Depreciation Block - 14211.06 i Capital Advances including interest capitalised - 160722.44 j Initial Cost - 4335.83 k Secured Loans - 218286.41 l Unsecured Loans - 156210.09 5 Proceeds from issue of share capital does not include shares issued pursuant to the Scheme As per our report of even date For B. K. Ramadhyani Co. For and on behalf of the Board of Directors Chartered Accountants Shyam Ramadhyani Dr. Vijay Mallya A. K. Ganguly A. K. Ravi Nedungadi Partner Chairman Managing Director Director Director Membership No. 019522 Mumbai Mumbai A. Raghunathan N. Srivatsa May 28 2010 May 28 2010 Chief Financial Officer Company Secretary

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74 Balance Sheet Abstract For and on behalf of the Board of Directors Dr. Vijay Mallya A. K. Ganguly A. K. Ravi Nedungadi Chairman Managing Director Director Director Mumbai A. Raghunathan N. Srivatsa May 28 2010 Chief Financial Officer Company Secretary excluding Employee Stock Option Outstanding includes initial Cost on Lessed Aircrafts and Deferred Tax Asset and Foreign Currency Monetary item Translation Difference Account Date Month Year includes Deferred Tax Asset + - + - + - + - Additional Information Pursuant to Part IV of Schedule VI to the Act BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE I REGISTRATION DETAILS REGISTRATION NUMBER L 8511 0 K A 1 995 P L C 018 045 STATE CODE 0 8 BALANCE SHEET DA TE 3 1 - 0 3 - 2 0 1 0 II CAPITAL RAISED DURING THE YEAR Amount in Rs. Thousands PUBLIC ISSUE N I L RIGHTS ISSUE N I L BONUS ISSUE N I L PRIVATE PLACEMENT N I L III POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS Amount in Rs. Thousands TOTAL LIABILITIES 1 1 9 2 1 3 4 9 4 TOTAL ASSETS 1 1 9 2 1 3 4 9 4 including shareholders Funds SOURCES OF FUNDS PAID-UP CAPITAL 3 6 2 9 0 8 9 RESERVES SURPLUS 8 0 2 2 1 9 SECURED LOANS 4 8 4 2 4 2 5 5 UNSECURED LOANS 3 0 8 0 1 7 1 2 APPLICATION OF FUNDS NET FIXED ASSETS 2 5 3 5 1 1 9 2 MISCELLANEOUS EXPENDITURE N I L INVESTMENTS 5 0 0 Please tick appropriate box + for Positive - for Negative NET CURRENT ASSETS 1 3 7 1 3 2 1 4 ACCUMULA TED LOSSES 4 3 2 1 0 7 6 3 IV PERFORMANCE OF COMPANY Amount in Rs. Thousands TURNOVER including other income 5 2 7 1 0 4 1 1 TOTAL EXPENDITURE 7 6 8 8 9 5 6 6 Please tick appropriate box + for Profit - for Loss Please tick appropriate box + for Profit - for Loss PROFIT/LOSS BEFORE TAX 2 4 1 7 9 1 5 5 PROFIT/LOSS AFTER TAX 1 6 4 7 2 2 0 6 Please tick appropriate box + for Positive - for Negative EARNING PER SHARE In Rs. 6 1 . 9 5 DIVIDEND RA TE – – V GENERIC NAMES OF PRINCIPLE PRODUCTS / SERVICES OF COMPANY as per monetary terms ITEM CODE NO. ITC CODE PRODUCT DESCRIPTION Not Applicable Airline Services

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75 VITAE INDIA SPIRITS LIMITED Directors Report To The Members Your Directors present the 2nd Annual Report alongwith the Audited Accounts of your Company for the financial year ended March 31 2010. Operations Your Company has not carried on any business during the year under review . For the financial year ended March 31 2010 your Company has incurred a loss of Rs. 51617/- comprising mainly of professional charges. Share Capital The Authorised Issued Subscribed and Paid up Equity Share Capital of your Company remains unchanged at Rs. 500000/- divided into 50000 equity shares of Rs. 10/- each. Your Company continues to remain a wholly owned subsidiary of Kingfisher Airlines Limited. Directors Subsequent to the year under review Mr. N. Srivatsa resigned as Director with effect from July 7 2010 . Subsequent to the year under review Mr. T. R. Venkatadri was appointed as Additional Director on July 7 2010 and shall hold office up to the date of the ensuing Annual General Meeting of your Company. Mr. Bharath Raghavan Director retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. Auditors M/s Vishnu Ram Co. your Company’s Auditors have confirmed that they are eligible for re-appointment at the ensuing Annual General Meeting and it is proposed to re-appoint them and to fix their remuneration. Conservation of Energy Research and Development T echnology Absorption Foreign Exchange Earnings and Outgo. The particulars as prescribed under section 2171e of the Companies Act 1956 and the rules framed there under are not applicable to your Company. Foreign Exchange Earnings and Outgo There is no earning or outgoing of Foreign Exchange during the year under review. Directors’ Responsibility Statement In terms of the provisions of Section 2172AA of the Companies Act 1956 the Directors of your Company hereby confirm that :  in the preparation of the Accounts for the year ended March 31 2010 the applicable accounting standards have been followed alongwith proper explanation relating to material departures  accounting policies have been selected and applied consistently and that the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at March 31 2010 and of the loss of your Company for the year ended March 31 2010  proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities  the accounts for the year ended March 31 2010 have been prepared on a going concern basis. Particulars of Employees’ Remuneration Your Company has no employees on its payroll and accordingly the provisions of Section 2172A of the Companies Act 1956 read with Companies Particulars of Employees Rules 1975 are not applicable. For and on Behalf of the Board of Directors Mumbai A. Raghunathan Bharath Raghavan July 7 2010 Director Director

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76 To The Members of VITAE INDIA SPIRITS LIMITED 1. We have audited the attached Balance Sheet of VITAE INDIA SPIRITS LIMITED as at 31st March 2010 the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. Further to our comments in the annexure referred to above we report that: i We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. ii In our opinion proper books of account as required by law have been kept by the company so far as appears from our examination of those books. iii The Balance Sheet the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. Auditors’ Report iv In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section 3C of section 211 of the Companies Act 1956 v On the basis of written representations received from the directors and taken on record by the Board of Directors we report that none of the directors are disqualified as on 31st March 2010 from being appointed as a director in terms of clause g of sub-section 1 of section 274 of the Companies Act 1956. vi In our opinion and to the best of our information and according to the explanations given to us the said accounts together with the notes thereon give the information required by the Companies Act 1956 1 of 1956 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India a in the case of the Balance Sheet of the state of affairs of the Company as at 31-03-2010 b in the case of the Profit and Loss account of the loss for the year ended on that date and c in the case of the Cash Flow Statement of the cash flows for the year ended on that date. For Vishnu Ram Co. Chartered Accountants S. Vishnumurthy Bangalore Proprietor May 10 2010 Membership No. 22715

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77 Re: VITAE INDIA SPIRITS LIMITED Referred to in paragraph 3 of our report of even date a There were no fixed assets. Therefore the provisions of clause 4ia to 4ic of the Companies Auditor’s Report Order 2003 are not applicable to the Company. b There were no stocks of goods. Therefore the provisions of clause 4iia to 4iic of the Companies Auditor’s Report Order 2003 are not applicable to the Company. c The company has not granted any loans to companies firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Therefore the provisions of clause 4iiia to 4iiid of the Companies Auditor’s Report Order 2003 are not applicable to the Company. d The company has not taken any loans from companies firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Therefore the provisions of clause 4iiie to 4iiig of the Companies Auditor’s Report Order 2003 are not applicable to the Company. e In our opinion and according to the information and explanations given to us there are adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory fixed assets and with regard to the sale of goods and services. During the course of audit we have not observed any continuing failure to correct major weaknesses in internal controls. f According to the information and explanations given to us there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act 1956. Therefore the provisions of clause 4va of the Companies Auditor’s Report Order 2003 are not applicable to the company. g In our opinion and according to the information and explanation given to us there have not been any transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act 1956. Therefore the provisions of clause 4vb of the Companies Auditor’s Report Order 2003 are not applicable to the company. h The company has not accepted any deposits from the public in contravention of the provisions of sections 58A 58AA and any other relevant provisions of the Act and the Companies Acceptance of deposits Rules 1975. Therefore the provisions of clause 4vi of the Companies Auditor’s Report Order 2003 are not applicable to the company. i The paid up capital of the company does not exceed Rs. 50 lakhs. There has not been any turnover during the year. Therefore the provisions with regard to internal audit of clause 4vii of the Companies Auditor’s Report Order 2003 are not applicable to the company. j Provisions with regard to maintenance of cost records under section 2091d of the Companies Act 1956 are not applicable to this company. k The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax and other material statutory dues applicable to it. Further since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act 1956 we are not in a position to comment upon the regularity or otherwise of the company in depositing the same. l According to the information and explanations given to us no undisputed amounts payable in respect of income tax wealth tax service tax sales tax customs duty and excise duty were in Annexure to the Auditors’ Report arrears as at 31-3-2010 for a period of more than six months from the date they became payable. m According to the information and explanations given to us there are no dues of sales tax income tax customs duty wealth tax service tax and excise duty which have not been deposited on account of any dispute. n The company has been registered for a period of less than five years. Therefore the provisions of clause 4x of the Companies Auditor’s Report Order 2003 are not applicable to the company. o The company has not taken any loans from banks or financial institutions nor issued any debentures. Therefore the provisions of clause 4xi of the Companies Auditor’s Report Order 2003 are not applicable to the company. p The company has not granted any loans on the basis of security by way of pledge of shares debentures and other securities. Therefore the provisions of clause 4xii of the Companies Auditor’s Order 2003 are not applicable to the company. q The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of clause 4xiii of the Companies Auditor’s Report Order 2003 are not applicable to the company. r The company is not dealing in or trading in shares securities debentures and other investments. Therefore the provisions of clause 4xiv of the Companies Auditor’s Report Order 2003 are not applicable to the company. s The company has not given any guarantees for loans taken by others from banks or financial institutions. Therefore the provisions of clause 4xv of the Companies Auditor’s Report Order 2003 are not applicable to the company. t The company has not raised any term loans during the year. Therefore the provisions of clause 4xvi of the Companies Auditor’s Report Order 2003 are not applicable to the company. u According to the information and explanations given to us and on an overall examination of the balance sheet of the company we report that no funds raised on short term basis have been used for long term investment. v According to the information and explanations given to us the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Therefore the provisions of clause 4xviii of the Companies Auditor’s Report Order 2003 are not applicable to the company. w According to the information and explanations given to us the company has not issued any debentures during the year. Therefore the provisions of clause 4xix of the Companies Auditor’s Report Order 2003 are not applicable to the company. x During the year the company has not raised any money by public issue. Therefore the provisions of clause 4xx of the Companies Auditor’s Report Order 2003 are not applicable to the company. y According to the information and explanations given to us no fraud on or by the company has been noticed or reported during the course of our audit. For Vishnu Ram Co. Chartered Accountants S. Vishnumurthy Bangalore Proprietor May 10 2010 Membership No. 22715

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78 Balance Sheet as at March 31 2010 Schedule As at 31-03-2010 Rupees As at 31-03-2009 Rupees I. SOURCES OF FUNDS 1 Shareholders’ funds aShare capital 1 500000 500000 b Reserves and surplus - - 2 Loan funds a Secured loans - - b Unsecured loans - - 500000 500000 II. APPLICATION OF FUNDS 1 Fixed Assets - - 2 Investments - - 3 Current assets loans and advances a Inventories - - b Sundry debtors - - c Cash and bank balances 2 343406 366523 d Loans and advances - - 343406 366523 Less: Current liabilities and provisions: a Current liabilities 3 47957 19457 b Provisions - - 47957 19457 Net current assets 295449 347066 4 a Miscellaneous expenditure to the extent not written off or adjusted - - b Profit loss account 204551 152934 500000 500000 Significant Accounting Policies and Notes on Accounts 4 Schedules referred to above and the notes thereon form an integral part of the Balance Sheet. For and on behalf of the Board of Directors of Per our report of even date Vitae India Spirits Limited For Vishnu Ram Co. Chartered Accountants Bangalore A. Raghunathan N. Srivatsa S. Vishnumurthy May 10 2010 Director Director Proprietor Membership No. 22715

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79 Schedule Period ended 31-03-2010 Rupees Year ended 31-03-2009 Rupees Income - - Expenditure: Bank charges 228 264 Filing fees 7226 1212 Printing Stationery 800 - Professional charges 41363 45478 Miscellaneous expenses 2000 2300 Preliminary expenses written off - 103680 51617 152934 Loss for the period before tax provision 51617 152934 Less: Income tax provision - - Loss for the period after tax provision 51617 152934 Loss of the previous year brought forward 152934 - Balance carried forward to the Balance Sheet 204551 152934 Earnings per share Basic/Diluted in Rs. not annualised 1.03 3.06 Significant Accounting Policies and Notes on Accounts 4 Schedules referred to above and notes thereon form an integral part of the Profit Loss Account. Profit and Loss Account for the period ended March 31 2010 For and on behalf of the Board of Directors of Per our report of even date Vitae India Spirits Limited For Vishnu Ram Co. Chartered Accountants Bangalore A. Raghunathan N. Srivatsa S. Vishnumurthy May 10 2010 Director Director Proprietor Membership No. 22715

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80 As at 31-03-2010 Rupees As at 31-03-2009 Rupees Schedule 1 Share Capital Authorised 50000 Equity Shares of Rs.10 Each 500000 500000 Issued subscribed and paid up 50000 Equity Shares of Rs.10 Each 500000 500000 All the shares are held by the holding company KingfisherAirlines Ltd. and its nominees 500000 500000 Schedule 2 Cash and bank balances Cash in hand 600 600 Balance in current account with Syndicate Bank 342806 365923 343406 366523 Schedule 3 Current Liabilities Vishnu Ram Co. 35890 19457 G Krishna 6067 - Kingfisher Airlines Limited 6000 - 47957 19457 Schedules to the Balance Sheet

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81 Schedules forming part of the Accounts Schedule 4 Notes forming part of the accounts A. Basis for preparation 1. Accounting Convention: The financial Statements are prepared under the historical cost convention having due regard to the fundamental accounting assumptions of going concern consistency accrual and in compliance with the mandatory accounting standards as specified in the Companies Accounting Standards Rules 2006. 2. Use of estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon managements best knowledge of current events and actions actual results could differ from these estimates. B. Significant Accounting Policies 1. Tax expense: Current tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act. Deferred income taxes are recognised for the future tax consequences attributable to timing differences between the financial statement determination of income and their recognition for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in income using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. 2. Revenue recognition: All revenues are generally recognized on accrual basis except where there is an uncertainty of ultimate realization. 3. Provision and contingencies: A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates. 4. Earning per Share: The basic earning / loss per share are computed by dividing the net profit / loss attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the period. 5. Related party transaction: Transactions between the related parties are disclosed as per Accounting Standard 18 - Related Party Disclosure specified by the Companies Accounting Standards Rules 2006. Accordingly disclosures regarding names of the transacting related party description of the relationship between the parties nature of transactions and the amount outstanding as at end of the accounting year are made. C. Notes to accounts 1. Retirement benefits: Since there are no employees on the rolls of the company no provision for gratuity or leave salary is made in the financial statements. 2. Figures in the Balance Sheet Profit and Loss account and schedules have been rounded off to the nearest rupee. 3. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. Nil

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82 4. Related Party Disclosures: i List of related parties: Sl. No. Name of the related party Nature of relationship 1. United Breweries Holdings Limited Ultimate Holding Company 2. Kingfisher Airlines Limited Holding Company 3. Kingfisher Finvest India Limited Fellow Subsidiary 4. Kingfisher Training Aviation Services Ltd. Fellow Subsidiary 5. Bangalore Beverages Limited Fellow Subsidiary 6. UB Electronic Instruments Limited Fellow Subsidiary 7. UB Infrastructure Projects Limited Fellow Subsidiary 8. UB International Trading Limited Fellow Subsidiary 9. City Properties Maintenance Company Bangalore Limited Fellow Subsidiary 10. Kingfisher Aviation Training Limited Fellow Subsidiary 11. Rigby International Corp. Fellow Subsidiary 12. United Breweries of America Inc. Delware Fellow Subsidiary 13. Inversiones Mirabel S A Fellow Subsidiary 14. Mendocino Brewing Company Inc. USA Fellow Subsidiary 15. Rubic Technologies Inc. Fellow Subsidiary 16. Releta Breweing Company LLC Fellow Subsidiary 17. UBSN Limited Fellow Subsidiary 18. United Breweries International U.K. Limited Fellow Subsidiary 19. UB Overseas Limited Fellow Subsidiary 20. UBHL BVI Fellow Subsidiary ii Related Party Transactions: Sl. No. Nature of Transactions Holding Company 1 Kingfisher Airlines Limited 2009 – 10 Share capital Rs. 500000 Advance received towards expenses Rs. 6000 5. The company has adopted Accounting Standard - 20 on “Earning Per Share” specified in the Companies Accounting Standards Rules 2006 for calculation of EPS and the disclosures in this regard are as given below: Particulars Period ended 31.03.2010 Year ended 31.03.2009 Rupees Net loss after tax 51617 152934 Weighted average number of equity shares of Rs. 10/- each outstanding during the year No. of shares 50000 50000 Basic / diluted earnings per share Rs not annualised 1.03 3.06 6. Segment information is not furnished since there is no reportable segment. 7. Information under paragraph of 3 4C and 4D of part II of Schedule VI of the Companies Act 1956 are not furnished as they are not applicable. Schedules forming part of the Accounts Contd. For and on behalf of the Board of Directors of Per our report of even date Vitae India Spirits Limited For Vishnu Ram Co. Chartered Accountants Bangalore A. Raghunathan N. Srivatsa S. Vishnumurthy May 10 2010 Director Director Proprietor Membership No. 22715

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83 Period ended 31-03-2010 Rupees Year ended 31-03-2009 Rupees I. Cash Flow from operating activities Profit / Loss before tax 51617 152934 Adjustment for : Increase in current liabilites 28500 19457 Net cash used in operating activities 23117 133477 II. Cash flows from investing activities III. Cash flow from financing activities Capital contribution - 500000 Net cash generated from financing activities - 500000 Net increase in cash cash equivalents 23117 366523 Cash and cash equivalents at the beginning of the period 366523 - Cash and cash equivalents at the end of the period 343406 366523 Cash and cash equivalents comprises of: Cash on hand 600 600 Balance at Bank 342806 365923 343406 366523 Note : The cash flow is prepared under the indirect method as mentioned under AS - 3 Cash Flow Statements. Cash Flow Statement for the period ended March 31 2010 For and on behalf of the Board of Directors of Per our report of even date Vitae India Spirits Limited For Vishnu Ram Co. Chartered Accountants Bangalore A. Raghunathan N. Srivatsa S. Vishnumurthy May 10 2010 Director Director Proprietor Membership No. 22715

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84 Balance Sheet Abstract BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE I Registration Details Registration No. 08/045717 State Code 08 Balance Sheet Date March 31 2010 II Capital raised during the year Amount in Rs. Thousands Public Issue NIL Rights Issue NIL Bonus Issue NIL Private Placement 500.00 III Position of Mobilisation and Deployment of Funds Amount in Rs. Thousands Total Liabilities 500.00 Total Assets 500.00 Sources of Funds: Paid up Capital 500.00 Reserves Surplus NIL Share application money NIL Unsecured Loans NIL Secured Loans NIL Deferred tax NIL Application of Funds: Net Fixed Assets NIL Investments NIL Net Current Assets 295.45 Misc. Expenditure NIL Accumulated loss 204.55 IV Performance of Company Amount in Rs. Thousands Total income NIL Total Expenditure 51.62 Profit Loss before tax 51.62 Profit Loss after tax 51.62 Earning per Share in Rs. 1.03 Dividend rate NIL V Generic Names of Three Principal Products/Services of Company as per monetary terms Item Code No. ITC Code Not applicable Product description Not applicable For and on behalf of the Board of Directors of Per our report of even date Vitae India Spirits Limited For Vishnu Ram Co. Chartered Accountants Bangalore A. Raghunathan N. Srivatsa S. Vishnumurthy May 10 2010 Director Director Proprietor Membership No. 22715

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85 NOTES

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86 NOTES

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87 NOTES

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88 NOTES

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""" ’ ’’

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1 Kingfisher Airlines Limited Registered Office: UB Tower Level 12 UB City 24 Vittal Mallya Road Bangalore - 560 001 NOTICE NOTICE IS HEREBY GIVEN OF THE FIFTEENTH ANNUAL GENERAL MEETING of the Company to be held at Good Shepherd Auditorium Opposite St. Joseph’s Pre-University College Residency Road Bangalore – 560 025 on Thursday September 30 2010 at 12.45 p.m. for the following purposes: 1. To receive and consider the accounts for the year ended March 31 2010 and the reports of the Auditors and Directors thereon 2. To elect a Director in the place of Mr. Vijay Amritraj who retires by rotation and being eligible offers himself for re-appointment 3. To elect a Director in the place of Mr. Anil Kumar Ganguly who retires by rotation and being eligible offers himself for re-appointment 4. To elect a Director in the place of Mr. Piyush Mankad who retires by rotation and being eligible offers himself for re-appointment 5. To appoint Auditors and fix their remuneration 6. To consider and if thought fit to pass with or without modification the following Resolution as a Special Resolution: “RESOLVED THAT in accordance with 1. the provisions of Section 811A and all other provisions applicable if any of the Companies Act 1956 as amended the “Companies Act” including any amendments or re-enactment thereof for the time being in force 2. the provisions of the Memorandum and Articles of Association of the Company 3. the provisions of the listing agreement entered into by the Company with the Stock Exchanges where the shares of the Company are listed 4. the provisions of Foreign Exchange Management Act 1999 as amended and guidelines rules and regulations framed thereunder and subject to 1. the applicable statutes guidelines regulations approvals consents permissions or sanctions of the Government of India the Securities and Exchange Board of India the Reserve Bank of India and any other appropriate authorities institutions or bodies the “Approvals” and 2. such conditions as may be prescribed by any of the concerned authorities while granting any such Approvals which may be agreed to in its sole discretion by the Board of Directors of the Company hereinafter called the “Board” which term shall be deemed to include any committee thereof

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2 NOTICE Contd. the consent authority and approval of the Company be and is hereby accorded to the Board to create offer issue and allot including with provisions for reservation on firm and / or competitive basis of such part of issue and for such categories of persons including employees of the Company as may be permitted on such occasions in the course of one or more tranches as may be determined by the Board in the course of one or more public or private offerings in domestic and/or one or more international offerings/markets with or without a green shoe option equity shares and/or equity shares through depository receipts including American Depository Receipts “ADRs” Global Depository Receipts “GDRs” Foreign Currency Convertible Bonds “FCCBs” Foreign Currency Exchangeable Bonds “FCEBs” and/or convertible bonds convertible debentures fully partly or optionally and/or other securities convertible into equity shares at the option of the Company and/or the holders of such securities and/or securities linked to equity shares and/or securities including non-convertible debentures with or without detachable/non-detachable warrants and/or warrants with a right exercisable by the warrant-holder to subscribe for equity shares and/or any instruments or securities representing either equity shares secured premium notes and/or any other financial instruments which would be converted into/exchanged with equity shares at a later date preference shares convertible or non-convertible and partly or fully paid-up equity/ debt instrument all of which are hereinafter collectively referred to as “Securities” as allowed under the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations 2009 the “SEBI Regulations” as the Board at its sole discretion or wherever necessary in consultation with underwriters merchant bankers financial advisors or legal advisors may at any time decide for cash to any eligible person including Qualified Institutional Buyers Foreign/ Resident Investors Institutions/Banks incorporated bodies individuals and/or trustees Foreign Institutional Investors Mutual Funds Venture Capital Funds existing Shareholders or otherwise whether residents or non-residents and whether or not such investors are members of the Company collectively referred to as “Investors” by way of public issue or private placement or issued/allotted through a Qualified Institutional Placement under the SEBI Regulations or by any one or more or a combination of the above model/methods or otherwise and at such time or times and in one or more tranches secured or unsecured upto an amount of Rs. 50000000000/- Rupees Five Thousand Crores only approximately USD 1 billion or equivalent thereof in one or more foreign currencyies and on such terms and conditions including the number of Securities to be issued the face value rate of interest redemption period manner of redemption amount of premium on redemption the number of equity share to be allotted on redemption/conversion the ratio period of conversion fixing of record date or book closure in consultation with the Book Running Lead Managers and/or other Advisors or otherwise as the Board at its sole discretion may decide “Issue”. RESOLVED FURTHER THAT such of these Securities to be issued as are not subscribed may be disposed of by the Board thereof in its absolute discretion in such manner and/or on such terms as it may deem fit including offering or placing them with banks/financial institutions/mutual funds or otherwise as the Board may in its absolute discretion may deem fit and proper. RESOLVED FURTHER THAT 1. The Equity Shares as may be issued and allotted including that upon conversion of any convertible securities forming part of any Issuance as may be necessary in accordance with the terms of the relevant offering shall rank pari passu with the then existing equity shares in the Company in all respects including in respect of dividend 2. In case of issue of the Securities by way of a Preferential Allotment or Qualified Institutions Placement to issue the Securities or any part thereof at such a price and in accordance with the provisions as prescribed under the SEBI Regulations. 3. For the purpose of giving effect to the foregoing and without being required to seek any further consent or approval of the members or otherwise to the end and intent they shall be deemed to have given their approval thereto expressly by the authority of this resolution the Board be and is hereby authorised for and on behalf of the Company: a. to enter into and execute all such arrangements as the case may be with any lead managers merchant bankers managers underwriters bankers financial institutions solicitors advisors guarantors depositories custodians and other intermediaries the “Agencies” in relation to the Issue and to remunerate any of such Agencies in any manner including payment of commission brokerage fee or payment of their remuneration for their services

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3 NOTICE Contd. b. to settle any questions difficulties or doubts that may arise in regard to the Issue c. to seek and obtain the listing of the equity shares of the Company or any other securities as may arise from out of the Issue as may be required on one or more Stock Exchanges d. to do all such acts deeds matters and things as the Board may at its discretion deem necessary or desirable for such purpose including without limitation the drafting finalization entering into and execution of any arrangements or agreements including with the Investors obtaining necessary approvals permissions and sanctions and e. to delegate from time to time all or any of the powers conferred herein upon the Board or to any Committee of the Board or the Managing Director or any other Director or any other officer or officers of the Company.” 7. To consider and if thought fit to pass with or without modification the following Resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Section 94 of the Companies Act 1956 the Authorised Share Capital of the Company be increased from Rs. 10000000000/- Rupees One Thousand Crores only to Rs. 42500000000/- Rupees Four Thousand Two Hundred Fifty Crores only by creation of an additional 750000000 Seventy Five Crores only Equity Shares of Rs. 10/- Rupees Ten each and 250000000 Twenty Five Crores only Preference Shares of Rs. 100/- Rupees One Hundred each in the share capital of the Company.” 8. To consider and if thought fit to pass with or without modification the following Resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 16 and other applicable provisions if any of the Companies Act 1956 the existing Clause V of the Memorandum of Association of the Company be substituted by the following:- The Share Capital of the Company is Rs. 42500000000/ Rupees Four Thousand Two Hundred Fifty Crores only divided into 1. 1650000000 One Hundred Sixty Five Crores only Equity Shares of Rs. 10/- Rupees Ten each with power to increase or reduce the capital and to vary modify or abrogate any such rights privileges or conditions in such manner as may for the time being be provided by the regulations of the Company and to consolidate or sub-divide the shares and issue shares of higher or lower denominations and 2. 260000000 Twenty Six Crores only Preference Shares of Rs. 100/- Rupees One Hundred each with power to issue as convertible or redeemable Shares and increase or reduce the capital and attach to the said Preference Shares such preferential qualified or special rights and to provide for such rate of dividend on the Preference Shares as may be determined by the Directors and to vary modify or abrogate any such rights privileges or conditions in such manner as may for the time being be provided by the regulations of the Company.” 9. To consider and if thought fit to pass with or without modification the following Resolution as a Special Resolution: “RESOLVED THAT pursuant to Section 31 and other applicable provisions if any of the Companies Act 1956 the existing Articles of Association of the Company be and are hereby replaced and the new set of regulations contained in the Articles of Association submitted to the Meeting and initialed for the purpose of identification by the Chairman be approved and adopted as the Articles of Association of the Company.” Registered Office: By Order of the Board UB Tower Level 12 UB City 24 Vittal Mallya Road Bharath Raghavan Bangalore - 560 001 Chief Legal Officer Company Secretary August 31 2010

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4 Notes : 1. Please refer to the explanatory statement given hereunder. 2. A SHAREHOLDER ENTITLED TO ATTEND THE MEETING AND VOTE THEREAT MAY APPOINT A PROXY TO ATTEND AND VOTE ON HIS BEHALF ONLY ON A POLL. SUCH A PROXY NEED NOT BE A MEMBER OF THE COMPANY. The proxy form duly completed must reach the Registered Office of the Company not later than forty-eight hours before the time appointed for the holding of the Meeting. 3. The Register of Members and Share Transfer Books will remain closed from Monday September 27 2010 to Thursday September 30 2010 both days inclusive. 4. Members are required to intimate immediately to the Company’s Registrars and Transfer Agents M/s Karvy Computershare Private Limited 17-24 Vittal Rao Nagar Madhapur Hyderabad-500081 Telephone No: 040-44655000 Fax. No: 040- 23420814 any change in their Registered addresses along with PIN Code Number. 5. Members holding shares in the same name or same order of names under different ledger folios are requested to apply for consolidation of such folios to the Company’s Registrars and Transfer Agents at the address stated in Note No.4 above. 6. Members may please address all their documents/correspondence relating to the equity shares of the Company directly to the Company’s Registrars and Transfer Agents at the address stated in Note No.4 above. 7. Nomination facility for shares is available for Members. The prescribed format in this regard can be obtained from Company’s Registrars and Transfer Agents at the address stated in Note. No.4 above. 8. The Company’s equity shares are under compulsory dematerialisation. Accordingly trading of these shares through the Stock Exchanges would be facilitated if the share certificates are dematerialised. Members holding shares in physical form are advised to consider opening of a Demat Account with an authorised Depository Participant and arrange for dematerializing their shareholdings in the Company. 9. In terms of Section 205A and 205C of the Companies Act 1956 the amount of dividend declared for the financial year 2002-03 and thereafter remaining unpaid for a period of seven years from the due date of payment shall hereafter be transferred to the Investor Education and Protection Fund. 10. Members attending the Annual General Meeting are requested to bring with them the following: a. Members holding shares in dematerialised form their DP Client ID Numbers. b. Members holding shares in physical form their Folio Numbers. c. Copy of the Annual Report and Notice as no copies thereof would be distributed at the Meeting. d. The Attendance Slip duly completed and signed in terms of specimen signature lodged with the Company. The Company would accept Attendance Slip from a Member actually attending the Meeting or from the person attending as a proxy under a valid proxy form registered with the Company not less than 48 hours prior to the Meeting. Attendance Slips of Members/valid proxies not personally present at the Meeting or relating to Proxies which are invalid will not be accepted from any other Member/person. The Meeting is for Members or their proxies only. Please avoid being accompanied by non-Members/children. 11. The Company has designated an exclusive email Id viz. investor.relationsflykingfisher.com to enable the investors to post their grievances and monitor its redressal. NOTICE Contd.

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5 EXPLANATORY STATEMENT PURSUANT TO SECTION 1732 OF THE COMPANIES ACT 1956 Item No. 6 Your Company requires to enhance its capital base and augment resources to meet working capital capital expenditure and general corporate purposes and accordingly it is proposed to do so in one or more ways as follows:- • In Indian / International markets in one or more tranches • By way of public issue and/or on a private placement basis as per the Securities Exchange Board of India Issue of Capital and Disclosure Requirements Regulations 2009 “SEBI ICDR Regulations” • By way of preference shares equity shares and/or securities linked to equity shares and/or convertible securities including but not limited to Global Depository Receipts GDRs and/or American Depository Receipts ADRs Foreign Currency Convertible Bonds FCCBs Foreign Currency Exchangeable Bonds FCEBs as per the Foreign Currency Exchangeable Bonds Scheme 2008 Fully / Partly / Optionally Convertible Debentures partly or fully paid-up equity /debt instruments as allowed under “SEBI ICDR Regulations” hereinafter referred to as “Securities” • By way of offerings of the Securities to domestic and/or foreign institutions non-resident Indians Indian public companies corporate bodies approved mutual funds banks insurance companies pension funds individuals or otherwise whether shareholders of the Company or not in terms of “SEBI ICDR Regulations” • To list the Securities on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited where the Equity Shares of the Company are listed and such other Stock Exchanges in India or abroad as may be decided by the Board of Directors. It is proposed that the issue of Securities as above will be upto a total amount of Rs. 5000 crores approximately USD 1 billion or an equivalent amount in any foreign currency including greenshoe if any “Issuance” at a price which is in accordance with the relevant SEBI Regulations/RBI guidelines/notifications as may be applicable in this regard. The issue price of the Securities to be issued in the proposed offerings will be determined at the time of the offer depending on the then prevailing market conditions and in consultations with the Merchant Bankers. The offerings of the Securities may require appointment of Merchant Bankers Underwriters Legal Advisors and Experts or such other Authority or Authorities to advise the Company especially in relation to the pricing of the Securities. The detailed terms and conditions of the Issue as and when made will be determined in consultation with the Merchant Bankers Lead Managers Advisors Underwriters and other Experts in accordance with the terms of approval of the Government of India Reserve Bank of India SEBI and such other authorities as may be required. Section 811A of the Companies Act 1956 provides inter alia that where it is proposed to increase the Subscribed Share Capital of the Company by allotment of further shares such further shares shall be offered to the persons who at the date of the offer are holders of the Equity Shares of the Company in proportion to the capital paid up on those shares as of that date unless the shareholders decide otherwise by way of a Special Resolution. The Listing Agreements executed by the Company with various Stock Exchanges also provide that the Company shall issue or offer in the first instance all Securities to the existing equity shareholders of the Company unless the shareholders decide otherwise. The proposed Special Resolution gives a adequate flexibility and discretion to the Board to finalise the terms of the issue in consultation with the Lead Managers Underwriters Legal Advisors and Experts or such other authority or authorities as required to be consulted including in relation to the pricing of the issue in accordance with the normal practice and b powers to issue and market any securities issued including the power to issue such Securities in such tranche or tranches. Accordingly the consent of the Members is being sought pursuant to the provisions of Section 811A and other applicable provisions of the Companies Act 1956 and “SEBI ICDR Regulations” and in terms of the provisions of the Listing Agreements to issue and allot securities as stated in the Special Resolution. NOTICE Contd.

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6 The proposed issue of Securities is in the interest of the Company and your Directors recommend the passing of the resolution under this item as a Special Resolution. None of the Directors of the Company is interested or concerned in the Resolution set out in Item No. 6 of the Notice. Item No. 7 The ongoing corporate actions as well as the proposed capital enhancement/ fund raising programme will necessitate increase in the Authorised Share Capital of the Company. Therefore it is considered necessary to raise the Authorised Capital of the Company from the present level of Rs.10000000000/- Rupees One Thousand Crores only to Rs. 42500000000/- Rupees Four Thousand Two Hundred Fifty Crores only by creation of an additional 750000000 Seventy Five Crores Equity Shares of Rs. 10/- Rupees Ten each such shares to rank pari passu with the existing Equity Shares of the Company and 250000000 Twenty Five Crores Preference Shares of Rs. 100/- Rupees One Hundred each. As this increase in Authorised Share Capital requires consent of the Members in a General Meeting this Resolution is placed before the Meeting for consideration and approval. Your Directors recommend the Ordinary Resolution set out in Item No. 7 of the Notice for approval by the Members. None of the Directors of the Company is concerned or interested in the said Resolution. Item No. 8 Consequent to the increase in Authorised Capital the existing Capital Clause V of the Memorandum of Association is to be substituted with a new clause to reflect the increase. This requires consent of the Members in general meeting and accordingly this Resolution is placed before the Meeting for consideration and approval. Your Directors recommend the Ordinary Resolution set out in Item No. 8 for approval by the Members. None of the Directors of the Company is concerned or interested in the said Resolution. Item No. 9 The current Articles of Association of the Company reflect the main terms of the Subscription cum Shareholders Agreement ‘SSA’ dated June 26 2007 amongst United Breweries Holdings Limited and Kingfisher Finvest India Limited of the one part the erstwhile Promoters of the Company namely Capt. G. R Gopinath Capt. K. J. Samuel and Mr. Vishnu Singh Rawal of the second part and the Company of the third part. The SSA has been terminated vide Termination Agreement dated March 23 2010. Consequently the Articles of Association of the Company are required to be altered. The Board of Directors recommends to the Members the Special Resolution set out in Item No. 9 of the Notice for adoption of the Articles of Association attached as Annexure to this Notice as the Articles of Association of the Company in lieu of the existing Articles of Association. None of the Directors are interested or concerned in the said Resolution. Registered Office: By Order of the Board UB Tower Level 12 UB City 24 Vittal Mallya Road Bharath Raghavan Bangalore - 560 001 Chief Legal Officer Company Secretary August 31 2010 NOTICE Contd.

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7 ARTICLES OF ASSOCIATION OF KINGFISHER AIRLINES LIMITED A COMPANY LIMITED BY SHARES INCORPORATED UNDER THE COMPANIES ACT 1956 INTERPRETATION 1. The marginal notes hereto shall not affect the construction hereof and in these presents unless there be something in the subject or context inconsistent therewith: “The Act” means “The Companies Act 1956” or any statutory modification or re-enactment thereof for the time being in force. “Beneficial Owner” shall mean the beneficial owner as defined in the Depository Act 1996 "Capital" means the share capital for the time being raised or authorised to be raised for the purpose of the Company. “The Company” means KINGFISHER AIRLINES LIMITED. “Directors” means the Directors for the time being. “Dividend” includes bonus. “Managing Director” means the Managing Directors or Whole Time Director. “Office means the Registered Office for the time being of the Company. “Proxy” includes Attorney duly constituted under a Power of Arroney. “Register of Members” means the Register of Members to be kept pursuant to the provisions of the Act. “Registrar” means the Registrar of Companies of the State in which the Registered Office of the Company is for the time being situated. “Secretary” means the Company Secretary for the time being. “Seal” means the common seal for the time being of the Company. “Special Resolution” shall have the same meaning assigned thereto by the Act. “Written” and “In Writing” include printing lithography and other modes of representing or reproducing words in a visible form. References to Section numbers of the Act shall be deemed to include any additions amendments or alternations thereof as may be made from time to time. ITEM NO. 9 OF NOTICE The Regulations contained in the Articles of Asssociation below forms part of the Special Resolution and Explanatory Statement thereto proposed at Item 9 of the Notice Annexure to Notice

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8 Words importing the singular number include where the context admits or requires the plural number and vice versa. Words importing the masculine gender also include the feminine gender. Words importing persons include corporations. 2. Save as reproduced herein the regulations contained in Table “A” in the First Schedule to the Act shall not apply to the Company. CAPITAL INCREASE AND REDUCTION OF CAPITAL 3. The authorised Capital of the Company shall be such as given in Clause V of the Memorandum of Association or as altered from time to time payable in the manner as may be determined by the Board subject to these Articles. 4. The Company in General Meeting may from time to time increase the Capital by creation of new shares such increase to be of such aggregate amount and to be divided into shares of such respective amounts as the resolution shall prescribe. Subject to the provisions of the Act any shares of the original of increased capital shall be issued upon such terms and conditions and with such rights and privileges annexed thereto as the General Meeting resolving upon the creation thereof shall direct and if no direction be given as the Directors shall determine and in particular such shares may be issued with a preferential or qualified right to dividends and in the distribution of the assets of the Company and with a right of voting at General Meeting of the Company in conformity with Section 87 of the Act. Whenever the capital of the Company has been increased under the provisions of this Article the Directors shall comply with the provisions of Section 97 of the Act. 5. Except so far as otherwise provided by the conditions of issue or by these presents any capital raised by creation of new shares shall be considered as part of the existing capital and shall be subject to the provisions herein contained with reference to the payment of calls and installments forfeiture lien surrender transfer and transmission voting and otherwise. 6. Subject to the provisions of Section 80 of the Act the Company shall have the power to issue preference shares which are convertible into Equity Shares or are liable to be redeemed and the resolution authorizing such issue shall prescribe the manner terms and conditions of conversion/redemption. 7. On the issue of Redeemable Preference Shares the following provisions shall take effect. a No such shares be redeemed except out of the profits of the Company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purpose of redemption b No such shares shall be redeemed unless they are fully paid c The premium if any payable on redemption shall have been provided for out of the profits of the Company or out of the Company’s security premium account before the shares are redeemed d Where any such shares are redeemed otherwise than out of the proceeds of a fresh issue there shall out of profits which would otherwise have been available for dividend be transferred to a reserve fund to be called the “Capital Redemption Reserve Account” a sum equal to the nominal amount of the shares redeemed and the provisions of the Act relating to the reduction of the share capital of the Company shall except as provided in Section 80 of the Act apply as if the Capital Redemption Reserve Account were paid up share capital of the Company. 8. The Company may subject to the provisions of Sections 78 80100 to 105 inclusive of the Act from time to time by Special Resolution reduce its capital and any Capital Redemption Reserve Account or Premium Account in any manner for the time being authorised by law and in particular capital may be paid off on the footing that it may be called upon again or otherwise. The Article is not to derogate from any power the Company would have if it were omitted. 9. Subject to the provisions of Section 94 of the Act the Company in General Meeting may from time to time sub-divide or consolidate all its shares or any of them and the resolution whereby any share is sub-divided may determine that as between the holders of the shares resulting from such sub-division one or more of such shares shall have some Annexure to Notice Contd.

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9 preference or special advantage as regards dividend capital or otherwise over other shares or as the case may be and the Company in General Meeting may also cancel shares which have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled. 10. Whenever the capital by reason of the issue of Preference Shares or otherwise is divided into different classes of shares all or any of the rights and privileges attached to each class may subject to the provision of Sections 106 and 107 of the Act be modified commuted affected or abrogated or dealt with by Agreement between the Company and any person purporting to contact on behalf of that class provided such agreement is ratified in writing by holders of atleast three fourths in nominal value of the issued shares of the class or is confirmed by a Special Resolution passed at a separate General Meeting of the holders of shares of that class. 11. If owing to any inequality in the number of new shares to be issued and number of shares held by members entitled to have the offer of such new shares any difficulty shall arise in the apportionment of such new shares or any such shares or any of them amongst the members such difficulty shall in the absence of any direction in the resolution creating the shares or by the Company in General Meeting be determined by the Directors. 12. Subject to the provisions of Sections 100 to 104 inclusive of the Act the Directors may accept from any member the surrender of shares on such terms and conditions as shall be agreed of all or any of his shares. SWEAT EQUITY 13. The Company shall have power to issue Equity Shares subject to the provision of Section 79A of the Act at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions by whatever name called. SHARES AND OTHER SECURITIES 14. The Company shall cause to be kept a Register and Index of Members in accordance with Sections 150 and 151 of the Act. The Company shall be entitled to keep in any State or country outside India a branch Register of Members resident in the State or Country. 15. The shares in the Capital shall be numbered progressively according to their several denominations and except in the manner herein before mentioned no share be subdivided. Every forfeited or surrendered share shall continue to bear the number by which the same was originally distinguished. 16. 1 Where at any time after the expiry of two years from the formation of the Company or at any time after the expiry of one year from the allotment of shares in the Company made for the first time after its formation whichever is earlier it is proposed to increase the subscribed capital of the Company by allotment of further shares whether out of unissued share capital or out of increased share capital then a such further shares shall be offered to the persons who at the date of the offer are holders of the equity shares of the Company in proportion as nearly as circumstances admit to the capital paid up on those shares at that date. b Such offer shall be made by a notice specifying the number of shares offered and limiting a time not being less than thirty days from the date of the offer and the offer if not accepted will be deemed to have been declined. c The offer aforesaid shall be deemed to include a right exercisable by the person concerned to renounce the shares offered to them in favour of any other person and the notice referred to in sub clause b hereof shall contain a statement of this right. PROVIDED THAT the Directors may decline without assigning any reason to allot any shares to any person in whose favour any member may renounce the shares offered to him. d After the expiry of the time specified in the notice aforesaid or on receipt of earlier intimation from the persons to whom such notice is given that he declines to accept the shares offered the Board of Directors may dispose off them in such manner and to such persons as they may think most beneficial to the Company. Annexure to Notice Contd.

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10 2 Notwithstanding anything contained in the preceding sub-clause the Company may:- a By a Special Resolution or b Where no such Special Resolution is passed if the votes cast whether on a show of hands or on a poll as the case may be in favour of the proposal contained in the resolution moved in that General Meeting including he casting vote if any of the Chairman by members who being entitled so to do vote in person or where proxies are allowed by proxy exceed the votes if any cast against the proposal by members so entitled and voting and the Central Government is satisfied on an application made by the Board of Directors in this behalf that the proposal is most beneficial to the Company offer further shares to any person or persons and whether or not such person or persons are holders of the equity shares of the Company at the date of the offer. 3 Nothing in sub-clause c of clause 1 hereof shall be deemed: a To extend the time within which the offer should be accepted or b To authorize any person to exercise the right of renunciation for a second time on the ground that the person in whose favour the renunciation was first made has decline to take the shares comprised in the renunciation. 4 Notwithstanding anything contained in sub-clause 1 above but subject however to Section 813 of the Act the Company may increase its subscribed capital on exercise of any option attached to the debentures issued or loans raised by the Company to convert such debentures or loans into shares or to subscribe for shares in the Company. PROVIDED THAT the terms of issue of such debentures or the terms of such loans include a term providing for such option and such term. a Either has been approved by the Central Government before the issue of the debentures or the raising of the loans or is in conformity with Rules if any made by the Government in this behalf and b In the case of debentures or loans or other than debentures issued to or loans obtained from Government or any institution specified by the Central Government in this behalf has also been approved by a Special Resolution passed by the Company in General Meeting before the issue of the debentures or raising of the loans. 17. Subject to the provisions of these Articles and of the Act the shares including any increased Capital of the Company shall be under the control of the Directors who may allot or otherwise dispose of the same to such persons in such proportion on such terms and conditions and at such times as the Directors think fit and subject to the sanction of the Company in General Meeting with full power to give any person the option to call for or be allotted shares of any class of the Company either subject to the provisions of Section 78 and 79 of the Act at a premium or at par or at a discount and such option being exercisable for such time and for such consideration as the Directors think fit and may issue and allot shares in the capital of the Company on payment in full or part of any property sold and transferred or any services rendered to the Company in the conduct of its business and any shares which may so be allotted may be issued as fully paid up shares and if so issued shall be deemed to be fully paid shares. Provided that option or right to call of shares shall not be given to any person or persons without the sanction of the Company in the General Meeting. The Board shall cause to be filed the returns as to allotment provided for in Section 75 of the Act. 18. In addition and without derogating from the powers conferred on the Board under Articles 15 and 16 the Company in General Meeting may subject to the provisions of Section 81 of the Act determine that any shares whether forming part of the original capital or any increased capital of the Company shall be offered to such persons whether members or not in such proportions and on such terms and conditions and either subject to compliance with the provisions of Section 78 and 79 of the Act at a premium or at par or at a discount as such General Meeting shall Annexure to Notice Contd.

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11 determine and with full power to give any person whether member or not the option to call for or be allotted shares of any class of the Company either subject to the compliance with the provisions of Section 78 and 79 of the Act at a premium or at par or at a discount such option being exercisable at such time and for such consideration as may be directed by such General Meeting or the Company in General Meeting may make any other provision whatsoever for the issue allotment or disposal of any shares. 19. Any application signed by or on behalf of an applicant for shares in Company followed by an allotment of any share therein shall be an acceptance of shares within the meaning of these Articles and every person who thus or otherwise accepts any shares and whose name is on the Register shall for the purpose of these Articles be a Member. 20. The money if any which the Board shall on the allotment of any shares being made by them require or direct to be paid by way of deposit call or otherwise in respect of any shares allotted by them shall immediately on the insertion of the name of the allottee in the Register of Members as the name of the holder of such shares become a debt due to and recoverable by the Company from the allottee thereof and shall be paid by him accordingly. 21. Every member or his heirs executors or administrators shall pay to the Company the portion of the Capital represented by his share or shares which may for the time being remain unpaid thereon in such amounts at such time or times and in such manner as the Board shall from time to time in accordance with the Company’s regulations require or fix for the payment thereof. 22. a Every member or allottee of shares shall be entitled without payment to receive a certificate specifying the name of the person in whose favour it is issued the shares to which it relates and amount paid up thereon. Such certificate shall be issued in pursuance of a resolution passed by the Board within three months after the date of either allotment and on surrender to the Company of its letter of allotment or its fractional coupons of requisite value save in case of issues against letters of acceptance or of renunciation or in case of issue of bonus shares or within two months of the receipt of the application for registration of a transfer of any of its shares. Every such certificate shall be issued under a seal of the Company which shall be affixed in the presence of two Directors or persons acting on behalf of the Directors under a duly registered power of attorney and the Secretary or some other person appointed by the Board for the purpose and two Directors or their attorneys and the Secretary or other person shall sign the share certificate provided that if the composition of the Board permits it atleast one of the aforesaid two Directors shall be a person other than a Managing or Whole Time Director. Particulars of every share certificate issued shall be entered in the Register of Members against the name of the person to whom it has been issued indicating the date of issue. b Any two or more joint allottees of a share shall for the purpose of this Article be treated as a single member and the certificate of any share which may be the subject of joint ownership may be delivered to any one of such joint owners on behalf of all of them. For any further certificate the Board shall be entitled but shall not be bound to prescribe a charge not exceeding Rupee One. c Director may sign a share certificate by affixing his signature thereon by means of any machine equipment of other mechanical means such as engraving in metal or lithography but not by means of a rubber stamp provided that the Director or Secretary shall be responsible for the safe custody of such machine equipment or other material used for the purpose. d DEMATERIALISATION/ REMATERIALISATION OF SECURITIES Definitions for the purpose of this Article. “DEPOSITORIES ACT” means the Depositories Act 1996 including any statutory modifications or re-enactment thereof for the time being in force. “DEPOSITORY” means a Company formed and registered under the Companies Act 1956 and which has been granted a certificate of registration under the Securities and Exchange Board of India Act 1992. “SEBI” means Securities and Exchange Board of India. “SECURITY” means such security as may be specified by the Securities and Exchange Board of India from time to time. Annexure to Notice Contd.

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12 “MEMBER” means the duly registered holder from time to time of the securities of the Company and includes every person whose name is entered as a beneficial owner in the records of the Depository. “PARTICIPANT” means a person registered as such under section 121A of the Securities and Exchange Board of India Act 1992. “REGISTERED OWNER” means a Depository whose name is entered as such in the record of the Company. “BENEFICIAL OWNER” means a person whose name is recorded as such with a Depository. “RECORD” includes records maintained in the form of books or stored in a computer or in such other form as may be determined by the regulations issued by the Securities and Exchange Board of India in relation to the Depositories Act. “BYE LAWS” means bye-laws made by a Depository under Section 26 of the Depositories Act 1996. “REGULATIONS” means the regulations made by the SEBI. Words and expressions used and not defined in the Act but defined in the Depositories Act 1996 or Securities Contract Regulation Act 1956 or Securities and Exchange Board of India Act 1992 shall have the same meaning respectively assigned to them in those Acts. i Either the Company or the investor may exercise the option to issue deal or hold the securities including shares with a Depository in electronic form and the certificate in respect thereof shall be dematerialised in which event the rights and obligations of the parties concerned and matters connected therewith or incidental thereto shall be governed by the provisions of the Depositories Act as amended from time to time or any statutory modifications thereto or re-enactment thereof. ii Notwithstanding anything to the contrary or inconsistent contained in these Articles the Company shall be entitled to dematerialise its existing securities rematerialise its securities held in the depositories and/or offer its fresh securities in the dematerialised form pursuant to the Depositories Act and the rules framed thereunder if any. iii Every person subscribing to or holding securities of the Company shall have the option either to receive the security certificates or hold securities with a Depository. Where a person opts to hold a security with a Depository the Company shall intimate such Depository the details of allotment of the security and on receipt of such information the Depository shall enter in its records the name of the allottee as the beneficial owner of that security. iv All securities held by a depository shall be dematerialized and shall be in fungible form. No certificates shall be issued for the securities held by the Depository. Nothing contained in Section 153 153A 153B 187B 187C and 372 of the Act shall apply to a Depository in respect of the securities held by it on behalf of the beneficial owners. v Except as ordered by the Court of competent jurisdiction or by law required the Company shall be entitled to treat the person whose name appears on the Register of Members as the holder of any shares or whose name appears as the beneficial owner of shares in the records of the Depository as the absolute owner thereof and accordingly shall not be bound the recognize any benami trust equity equitable contingent future partial interest other claim to or interest in respect of such shares or except only as by these Articles otherwise expressly provide any right in respect of a share other than an absolute right thereto in accordance with these Articles on the part of any other person whether or not it has express or implied notice thereof but the board shall be at their sole discretion to register any share in the joint names of any two or more persons or the survivor or survivors of them. vi Notwithstanding anything to the contrary contained in the Act or these Articles a Depository shall be deemed to be the registered owner for the purposes of effecting transfer of ownership of security on behalf of the beneficial owner. Save as otherwise provided above the depository as the registered owner of the securities shall not have any voting rights or any other rights in respect of the securities held by it. Every person holding Annexure to Notice Contd.

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13 securities of the Company and whose name is entered as a beneficial owner in the records of the Depository shall be deemed to be a member of the Company. The beneficial owner of the securities shall be entitled to all the rights and benefits and be subject to all the liabilities in respect of his securities which are held by a Depository. vii The Company shall cause to be kept a Register and Index of Members with the details of shares and debentures if any held in material and dematerialized forms in any media as may be permitted by law including any form of electronic media. The Register and Index of Beneficial owners maintained by a Depository under the Depositories Act shall be deemed to be a Register and Index of members for the purpose of this Act. The Company shall have power to keep in any state or country outside India a branch Register of Members resident in that state or country. viii Upon receipt of certificate of Securities on surrender by a person who has entered into any agreement with the Depository through a Participant the Company shall forthwith cancel such certificate and substitute in its records the name of the Depository as the registered owner in respect of the said securities and shall also inform the Depository accordingly. ix Notwithstanding anything contained in the Act or these Articles to the contrary where securities are held in a Depository the records of the beneficial ownership may be served by such Depository on the Company by means of electronic mode or by delivery of floppies or disc etc. x Where the securities are dealt with in a Depository the Company shall intimate the details of allotment of relevant securities to the Depository on allotment of such securities. xi The Company shall keep a Register of Transfers and shall have recorded therein fairly and distinctly particulars of every transfer or transmission of any share held in material form. Nothing contained in these Articles shall apply to transfer of securities held in Depository. xii The Shares in the capital shall be numbered progressively according to their several denomination provided however that the provision relating to progressive numbering shall not apply to the shares of the Company which are dematerialised or may be dematerialised in future or issued in future in dematerialised form. Except in the manner herein before mentioned no share shall be sub-divided. Every forfeited or surrendered share held in material form shall continue to bear the number by which the same was originally distinguished. xiii Except as specifically provided in these Articles the provisions relating to joint holders of shares calls lien on shares forfeiture of shares and transfer and transmission of shares shall be applicable to shares held in Depository so far as they apply to shares held in physical form subject to the provisions of the Depository Act. xiv Every Depository shall furnish to the Company information about the transfer of securities in the name of the Beneficial Owner at such intervals and in such manner as may be specified by the bye laws and the Company in that behalf. xv If a beneficial owner seeks to opt out of a Depository in respect of any security he shall inform the Depository accordingly. The Depository shall on the receipt of such information make appropriate entries in its records and shall inform the Company. The Company shall within thirty days of the receipt of information from a Depository and on fulfillment of such conditions and on payment of such fees as may be specified by the Regulations issue the certificate of securities to the beneficial owner or the transferee as the case may be. xvi Provisions of this Article will have full effect and force notwithstanding anything to the contrary or inconsistent contained in any other Article of these presents. e NOMINATION FACILITY i Every holder of shares in or holder of debentures of the Company may at any time nominate in the prescribed manner a person to whom his shares in or debentures of the Company shall vest in the event of his death. Annexure to Notice Contd.

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14 ii Where the shares in or debentures of the Company are held by more than one person jointly the joint holders may together nominate in the prescribed manner a person to whom all the rights in the shares or debentures of the Company shall vest in the event of death of all joint holders. iii Notwithstanding anything contained in any other law for the time being in force or in any disposition whether testamentary or otherwise in respect of such shares in or debentures of the Company where a nomination made in the prescribed manner purports to confer on any person the right to vest the shares in or debentures of the Company the nominee shall on the death of the shareholder or holder of debentures of the Company or as the case may be on the death of the joint holders become entitled to all the rights in the shares or debentures of the Company or as the case may be all the joint holders in relation to such shares in or debentures of the Company to the exclusion of all other persons unless the nomination is varied or cancelled in the prescribed manner. iv Where the nominee is a minor it shall be lawful for the holder of the shares or debentures to make the nomination to appoint in the prescribed manner any person to become entitled to shares in or debentures of the Company in the event of his death during the minority. v Any person who becomes a nominee by virtue of the provisions of Section 109A of the Act upon the production of such evidence as may be required by the Board and subject as hereinafter provided elect either. a to be registered himself as holder of the share or debenture as the case may be or b to make such transfer of the share or debenture as the case may be as the deceased shareholder or debentureholder as the case may be could have made. vi If the person being a nominee so becoming entitled elects to be registered as holder of the share or debenture himself as the case may be he shall deliver or send to the Company a notice in writing signed by him stating that he so elects and such notice shall be accompanied with the death certificate of the deceased shareholder or debentureholder as the case may be. vii All the limitations restrictions and provisions of the Act relating to the right to transfer and the registration of transfers of shares or debentures shall be applicable to any such notice or transfer as aforesaid as if the death of the member had not occurred and the notice or transfer where a transfer signed by that shareholder or debentureholder as the case may be. viii A person being a nominee becoming entitled to a share or debenture by reason of the death of the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share or debenture except that he shall not before being registered a member in respect of his share or debenture be entitled in respect of it to exercise any right conferred by membership in relation to the meetings of the Company. Provided that the Board may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share or debenture and if the notice is not complied with within ninety days the Board may thereafter withhold payment of all dividends bonuses or other monies payable in respect of the share or debentures until the requirements of the notice have been complied with. 23. a No Certificate of any share of shares shall be issued either in exchange for those which are subdivided or consolidated or in replacement of those which are subdivided or consolidated or in replacement of those which are defaced torn or old decrepit worn out or where the cages on the reverse for recording transfers have been duly utilized unless the certificate in lieu of which it is issued is surrendered to the Company. b When a new share certificate has been issued in pursuance of clause a of this Articles it shall state on the face of it and against the stub or counter-foil to the effect that it is “issued in lieu of share certificate No. ____ subdivided / replaced / on consolidation of shares.” Annexure to Notice Contd.

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15 c If a share certificate is lost or destroyed a new certificate in lieu thereof shall be issued only with the prior consent of the Board and on such terms if any as to evidence and indemnity as to the payment of out -of pocket expenses incurred by the Company in investigating evidence as the Board thinks fit. d For every certificate issued under the last preceding Article there shall be paid to the Company the sum of Rs.2 or such lesser sum as the Directors may determine provided however that no charge shall be made for certificates issued in replacement of those which are old decrepit or worn out or where the cages on the reverse of the share certificate for recording transfers have been fully utilized. e When a new share certificate has been issued in pursuance of clause c of this Article it shall state on the face of it and against the stub or counterfoil to the effect that it is “duplicate issued in lieu of share certificate No.”. The word “Duplicate” shall be stamped or punched in bold letters across the face of the share certificate. f Where a new share certificate has been issued in pursuance of clause a or clause c of this Article particulars of every such share certificate shall be entered in a Register of renewed and Duplicate Certificate indicating against the names of the persons to whom the certificate is issued the number and date of issue of the share certificate in lieu of which the new certificate is issued and the necessary changes indicated in the Register of Members by suitable cross reference in the “Remarks” column. g All blank forms to be issued for issue of share certificates shall be printed and the printing shall be done only on the authority of a resolution of the Board. The blank forms shall be consecutively machine-numbered and the forms and the blocks engravings facsimiles and hues relating to the printing of such forms shall be kept in the custody of the Secretary or such other person as the Board may appoint for the purpose and the secretary or the other person aforesaid shall be responsible for rendering an account of these forms to the Board. h The Managing Director of the Company for the time being or if the Company has no Managing Director every Director of the Company shall be responsible for the maintenance preservant on and safe custody of all books and documents relating to the issue of share certificates except the blank forms of share certificates referred to in sub-Article 1. i All books referred to in sub-Article g shall be preserved in good order permanently. 24. If any share stands in the names of two or more persons the persons first named in the register shall as regards receipt of dividends or bonus or service of notices and all or any other matter connected with the Company except voting at meetings and the transfer of the shares be deemed the sole holder thereof but the joint-holders of a share shall be severally as well as jointly liable for the payment of all installments and calls due in respect of such share and for all incidents thereof according to the Company’s regulations. 25. Except as ordered by a Court of competent jurisdiction or as by law required the Company shall not be bound to recognise any share or except only as is by these Articles otherwise expressly provide any right in respect of a share other than an absolute right thereto in accordance with these Articles in the person from time to time registered as the holder thereof but the Board shall at liberty at their sole discretion to register any share in the joint names of any two or more persons or the survivor or survivors of them. 26. Subject to the Provisions of Section 77A and any other applicable provisions of the Act for the time being in force the Company shall be empowered to purchase its own securities in any manner provided by the Act. UNDERWRITING AND BROKERAGE 27. Subject to the provisions of Section 76 of the Act the Company may at any time pay a commission to any person in consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally for any shares in or debentures of the Company or procuring or agreeing to procure subscriptions whether absolute or conditional for any shares in or debentures of the Company but such commission shall not exceed in the case of share five percent of the price at which the shares are issued and in the case of debenture two and a half percent of the price at which the debentures are issued. Such commission may be satisfied by payment of cash or by allotment of fully or partly paid shares or partly in one way and partly in the other. 28. The Company may pay a reasonable sum of brokerage. Annexure to Notice Contd.

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16 INTEREST OUT OF CAPITAL 29. Where any share are issued for the purpose of raising money to defray the expenses of the construction of any works or building or the provision of any plant which cannot be made profitable for lengthy period the Company may pay interest on so much of that share capital as is for the time being paid up for the period at the rate and subject to the conditions and restrictions provided by Section 208 of the Act and may charge the same to capital as part of the cost of construction of the work or building or the provision of plant. CALLS 30. The Board may from time to time subject to the terms on which any shares may have been issued and subject to the conditions of allotment by a resolution passed at a meeting of the Board and not by circular resolution make such call as it thinks fit upon the members in respect of all moneys unpaid on the share held by them respectively and each member shall pay the amount of every call so made on him at the times and places appointed by the Board. A call may be made payable by installments as the Board thinks fit. Explanations: For the purpose of this clause shares of the same nominal value on which different amounts have been paid up shall not be deemed to fall under the same clause. 31. Fifteen days’ notice at the least in writing of any call shall be given by the Company to the members specifying the time and place of payment the amount called and the person or persons to whom such call shall be paid. 32. A call shall be deemed to have been made when the resolution authorizing such call was passed at a meeting of the Board. 33. A call may be revoked or postponed at the discretion of the Board. 34. The joint-holders of the share shall be jointly and severally liable to pay all calls in respect thereof. 35. The Board may from time to time at its discretion extend the time fixed for the payment of any call and may extend such time to all or any of the members as the Board may deem fairly entitled to such extension but no member shall be entitled save as a matter of grace and favour. 36. If any member falls to pay any call due from him on the day appointed for payment thereof or any such extension thereof as aforesaid he shall be liable to pay interest on the same from the day appointed for the payment thereof to the time of actual payment at such rate as shall from time to time be fixed by the Board not exceeding 18 percent per annum but nothing in this article shall render it obligatory for the Board to demand or recover any interest from any such member. 37. Any sum which by the terms of issue of a share becomes payable on allotment or at any fixed date whether on account of the nominal value of the share or by way of premium shall for the purpose of these Articles be deemed to be a call duly made and payable and in case of non-payment all the relevant provisions of these Articles as to payment of interest and expenses forfeiture or otherwise shall apply against any member or his representatives for the recovery of any money claimed as if such sum had become payable by virtue of a call duly made and notified. 38. On the trial or hearing of any action or suit brought by the Company for the money due to the company in respect of its shares it shall be sufficient to prove that the name of the member in respect of whose shares the money is sought to be recovered appears entered on the register of Members as the holder on or before the date at which the money is sought to be recovered is alleged to have become due on the shares in respect of which such money is sought to be recovered that the resolution making the call is duly recorded in the Minutes Book and that the resolution making the call is duly recorded in the Minutes Book and that notice of such call was duly given to the member or his representatives in pursuance of these Articles and that it shall not be necessary to prove the appointment of the Directors who made such call nor that a quorum of Directors was present at the Board at which any call was made nor that the meeting at which any call was made duly convened or constituted nor any other matters whatsoever but the proof of the matters aforesaid shall be conclusive evidence of the debt. 39. Neither the receipt be the company of the portion of any money which shall from time to time be due from any member to the Company in respect of his shares either by way of principal or interest nor any indulgence granted by the Company in respect of the payment of any such money shall preclude the Company from thereafter proceeding to enforce a forfeiture of such shares as herein after provided. Annexure to Notice Contd.

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17 40. Any money due from the company to a shareholder may without the consent of such shareholder be applied by the Company in or towards payment of any money due from time to the Company for calls or otherwise. 41. a The Board may if it thinks fit agree to and receive from any member willing to advance the same all or any part of the amounts of respective shares beyond the sums actually called up and upon the moneys so paid in advance or upon so much thereof from time to time and at any time thereafter as exceeds the amount of the calls then made upon and due in respect of the shares on account of which such advances are made the Board may pay or allow interest at such rate as the member paying the sum in advance and the Board agree upon. The Board may at any time repay the amount so advanced upon giving to the member not less than three months notice in writing. Provided that moneys paid in advance of calls on any shares may carry interest but shall not confer a right to dividend or to participate in profits. b No member paying any such sum in advance shall be entitled to voting rights in respect of the moneys so paid by him until the same would but for such payment become presently payable. LIEN 42. The Company shall have a first and paramount lien upon all the shares / debentures other than fully paid up shares / debentures registered in the name of each member whether solely or jointly with others and upon the proceeds of sale thereof for all moneys whether presently payable or not called or payable at a fixed time in respect of such shares / debentures and no equitable interest in any shares shall be created except upon the footing and upon the condition that Article 22 hereof is to have full effect. Any such lien shall extend to all dividends from time to time declared in respect of such shares / debentures. Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Company’s lien if any on such shares. The Directors may at any time declare any shares / debentures wholly or in part to be exempt from the provisions of this clause. 43. For the purpose of enforcing such lien the Board may sell the shares subject thereto in such manner as it shall think fit but no sale shall be made until such time for payment shall have arrived and until notice in writing of the intention to sell shall have been served on such member or his representatives and default shall have been made by him or them in payment fulfillment or discharge of such debts liabilities or engagements for seven days after such notice. 44. The nett proceeds of any such sale shall be applied in or towards satisfaction of the debts liabilities or engagements of such member and the residue if any paid to such member his executors administrators committee curator or other representatives. FORFEITURE OF SHARES 45 If any member fails to pay any call or installment of a call on or before the day appointed for the payment of the same or any such extension thereof as aforesaid the Board may at any time thereafter during such time as the call or installment remains unpaid give notice to him requiring him to pay the same together with any interest that may have accrued and all expenses that may have been incurred by the Company by reason of such non-payment. 46. The notice shall name a day not being less than fourteen days from the date of the notice and a place or places on and at which such call or installment and such interest thereon at such rate as the Directors shall determine from the day on which such call or installment ought to have been paid and expenses as aforesaid are to be paid. The notice shall also state that in the event of the non-payment at or before the time and at the place appointed the shares in respect of which the call was made or installment in payable will be liable to be forfeited. 47. If the requirement of any such notice as aforesaid shall not be complied with every or any share in respect of which such notice has been given may at any time thereafter before payment of all calls or installments interest and expenses due in respect thereof be forfeited by a resolution of the Board to that effect. Such forfeiture shall include all dividends declared or any other moneys payable in respect of the forfeited share and not actually paid before the forfeiture. 48. When any share shall have been so forfeited notice of the forfeiture shall be given to the member in whose name it stood immediately prior to the forfeiture and an entry of the forfeiture with the date thereof shall forthwith be made in the Register of Members but no forfeiture shall in any manner be invalidated by any omission or neglect to give such notice or to make any such entry as aforesaid. Annexure to Notice Contd.

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18 49. Any share so forfeited shall be deemed to be the properly if the Company and may be sold re-allotted or otherwise disposed of either to the original holder thereof or to any other person upon such terms and in such manner as the Board shall think fit. 50. Any member whose shares have been forfeited shall notwithstanding the forfeiture be liable to pay and shall forthwith pay to the Company on demand all calls installments interest and expenses owing upon or in respect of such shares at the time of the forfeiture together with interest thereon from the time of the forfeiture until payment at such rate not exceeding eighteen percent per annum as the Board may determine and the Board may enforce the payment thereof if it thinks fit. 51. The forfeiture of a share shall involve extinction at the time of the forfeiture of all interest in all the claims and demands against the Company in respect of the share and all other rights incidental to the share except only such of those rights as by these Articles are expressly saved. 52. A declaration in writing that the declarant is a director or secretary of the Company and that share in the Company has been duly forfeited in accordance with these Articles on a date stated in the declaration shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share. 53. Upon any sale after forfeiture or for enforcing a lien in purported exercise of the powers herein before given the Board may appoint some person to execute an instrument of transfer of the shares sold and cause the purchasers’ name to be entered in the Register in respect of the shares sold and the purchaser shall not be bound to see to the regularity of the proceedings or to the application of the purchase the validity of the sale shall not be impeached by any person and the remedy of any person aggrieved by the sale shall be in damages only and against the Company exclusively. 54. In the case of the sales of a share under Article 49 or the sale or re-allotment of a forfeited share or the sale of a share to enforce or realize the benefit of a lien of the Company under Article 42 a certificate in writing signed by a Director or the Secretary of the Company or by any other person or persons who may be appointed by the Directors for the purpose stating that the share has been duly sold or re-allotted in accordance with the Regulations of the Company shall be sufficient evidence of the facts therein stated as against all persons theretofore entitled to such share and such certificate and the receipt of the Company for the price of such share shall constitute a good title to such share and the purchaser or allottee shall be registered in respect thereof and thereupon shall be deemed the holder of the share and he shall not be bound to see to the application of the purchase money nor shall his title to the share be affected by any irregularity in the proceedings in reference to such sale or allotment and the remedy of any person aggrieved by the sale or re-allotment shall be in damages only and against the Company exclusively. 55. Where any shares under the powers in that behalf herein contained are sold by the Directors and the certificates thereof have not been delivered up to the Company by the former holder of the said shares the Directors may issue new certificates for such shares distinguishing it in such manner as they may think fit from the certificate not so delivered up. 56. Upon any sale re-allotment or other disposal under the provisions of these Articles the certificate or certificates originally issued in respect of the relative shares shall stand cancelled and become null and void and of no effect and the Directors shall be entitled to issue duplicate certificates in respect of the said shares to the person or persons entitled thereto. 57. The Board may at any time before any share so forfeited shall have been sold re-allotted or otherwise disposed of annul the forfeiture thereof upon such conditions as it thinks fit. Annexure to Notice Contd.

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19 TRANSFER AND TRANSMISSION OF SHARES 58. The Company shall keep a “Register of Transfers” and therein shall be fairly and distinctly entered particulars of every transfer or transmission of any share. 59. The instrument of transfer shall be in writing and all the provisions of Section 108 of the Act shall be duly complied with in respect of all transfers of shares / debentures and the registration thereof. 60. The instrument of transfer duly stamped and executed by the transferor and the transferee shall be delivered to the Company in accordance with the provisions of the Act. The instrument of transfer shall be accompanied by such evidence as the Board may require to prove the title of Transferor and his right to Transfer the Shares and every registered Instrument of Transfer shall remain in the custody of the Company until destroyed by order of the Board. The Transferor shall be deemed to be the holder of such shares until the name of the Transferee shall have been entered in the Register of Members in respect thereof. Before the registration of the transfer the certificate or certificates of the shares must be delivered to the Company. 61. The Board shall have power on giving not less than seven days previous notice by advertisement in some newspaper circulating in Bangalore close the Transfer Books the Register of Member or Register of Debenture holders at such time or times and for such period or periods not exceeding thirty days at a time and not exceeding in the aggregate forty-five days in each year. 62. Subject to the provisions of Section 111 of the Companies Act and to any other law for the time being in force the Board may refuse to register any transfer of or the transmission by operation of law of the right to any shares or interest of a member in the Company. Provided however that the registration of transfer of shares shall not be refused on the ground of the transferor being either alone or jointly with any other person or persons indebted to the Company on any account whatsoever except where the Company has a lien on the share. Provided further that in the event of the refusal to register any such transfer of or the transmission of the right to any shares / debentures or interest of a member / debentureholder in the Company the Company shall within two months from the date on which the instrument of transfer or the intimation of such transmission as the case may be was delivered to the Company send notice of such refusal to the transmission as the case may be giving reasons for such refusal. 63. Where in the case of partly paid shares an application for registration of transfer is made by the transferor the Company shall give notice of the application to the transferee in accordance with the provisions of Section 110 of the Act. 64. In the case of the death of any one or more of the persons named in the Register of Members as the joint holders of any share the survivor or survivors shall be the only persons recognized by the Company as having any title to or interest in such share but nothing herein contained shall be taken to release the estate of the deceased joint holder from any liability on shares held by him jointly with any other person. 65. The executors or administrators or holders of a Succession Certificate or the legal representative of a deceased member not being one or two or more joint-holders shall be the only persons recognized by the Company as having any title to the shares registered in the name of such member and the Company shall not be bound to recognize such executors or administrators or holders of a Succession Certificate or the legal representatives unless such executors administrators or legal representatives shall have first obtained probate or Letters of Administration or Succession Certificate as the case may be from a duly constituted Court in the Union of India having jurisdiction in that behalf. Provided nevertheless that in any case where the Board in its absolute discretion thinks fit the Board may dispense with production of Probate or Letters of Administration or Succession Certificate upon such terms as to indemnify or otherwise as the Board in its absolute discretion may think necessary and under Article 62 register the name of any person who claims to be absolutely entitled to the shares standing in the name of a deceased member as a member. 66. No share shall in any circumstances be transferred to any infant insolvent or person of unsound mind. Annexure to Notice Contd.

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20 67. If any member of the Company dies and the Company through any of its principal officers within the meaning of the Estate Duty Act 1953 has knowledge of the death it shall not be lawful for the Company to register the transfer of any share standing in the name of the deceased member unless the Company is satisfied that the transferee has acquired such shares for valuable consideration or there is produced to it a certificate from the Controller or Assistant Controller of Estate Duty that either the Estate Duty in respect thereof has been paid or will be paid or none is due as the case may be. Where the Company has come to know through any of its principal officers of the death of any member the Company shall within three months of the receipt of such knowledge furnish to the Assistant Controller or the Deputy Controller of Estate Duty who is exercising the function of the Income Tax Officer under the Income -Tax Act in relation to the Company such particulars as may be prescribed by the Estate Duty Rules 1953. 68. Subject to the provisions of the Act and Articles 58 and 59 any person becoming entitled to shares in consequence of the death lunacy bankruptcy or insolvency of any member or by any lawful means other than by a transfer in accordance with these Articles may with the consent of the Board which it shall not be under any obligation to give upon producing such evidence that he sustains the character in respect of which he proposes to act under this Article or of such title as the Board thinks sufficient either be registered himself as the holder of the shares or elect to have some person nominated by him and approved by the Board registered as such holder provided nevertheless that if such person shall elect to have his nominee registered he shall testify the election by executing in favour of his nominee an instrument of transfer in accordance with the provisions herein contained and until he does so shall not be free from any liability in respect of the shares. 69. A person entitled to a share by transmission shall subject to the right of the Directors to retain such dividends or money as hereinafter provided be entitled to receive and may give a discharge for any dividends or other moneys payable in respect of the share. 70. No fee shall be charged for registration of transfer transmission Probate Succession Certificate and Letters of administration Certificate of Death or Marriage Power of Attorney or similar other document. 71. The Directors may by such means as they shall deem expedient authorize the registration of the transferees as shareholders without the necessity of any meeting of the Directors for that purpose. 72. All instruments of transfer which shall be registered shall be retained by the Company but any instrument of transfer which the Directors may decline to register shall be returned to the person depositing the same. 73. The Company shall incur no liability or responsibility whatsoever in consequence of its registering or giving effect to any transfer of shares made or purporting to be made by any apparent legal owner thereof as shown or appearing in the Register of Members to the prejudice of persons having or claiming any equitable right title or interest to or in the said shares notwithstanding that the Company may have had notice of such equitable right title or interest or notice prohibiting registration of such transfer and may have entered such notice or referred to it in any book or attended or given effect to any notice which may have been given to it of any equitable right title or interest or be under any liability whatsoever for refusing or neglecting so to do though it may have been entered or referred to in some book of the Company but the Company shall nevertheless be at liberty to regard and attend to any such notice and give effect there to if the Directors shall so think fit. SHARE WARRANTS 74. The Company with respect to fully paid-up shares may issue warrants hereinafter called “Share Warrants” stating that the bearer is entitled to the shares therein specified and may provide by coupons or otherwise for the payment of future dividends on the shares included in such share warrants. 75. The Directors may determine and from time to time vary the conditions upon which share warrants shall be issued and in particular upon which a new share warrant or coupon will be issued in the place of one worn out defaced lost or destroyed upon which the bearer of a share warrant shall be entitled to attend and vote at General Meetings and upon which a share warrant may be surrendered and the name of the holder entered in the Register in respect of the shares therein specified. Subject to such conditions and to these presents the bearer of a share warrant shall be subject to the conditions for the time being in force whether made before or after the issue of such warrant. Annexure to Notice Contd.

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21 COPIES OF MEMORANDUM AND ARTICLES TO BE SENT TO MEMBERS 76. Copies of Memorandum and Articles of Association of the Company and other documents referred to in Section 39 of the Act shall be sent by the Company to every member at his request within seven days on payment of the sum of Rupee One for each copy. BORROWING POWERS 77. Subject to the provisions of Sections 292 and 293 of the Act the Board may from time to time at its discretion by a resolution passed at a meeting of the Board accept deposits from members either in advance of calls or otherwise and generally raise or borrow or secure the payment of any sum or sums of money for the purposes of the Company. Provided however where the moneys to be borrowed apart from temporary loans obtained from the Company’s bankers in the ordinary course of business exceed the aggregate of the paid-up capital of the Company and its free reserves not being reserves set apart for any specific purpose the Board shall not borrow such moneys without the consent of the Company in General Meeting. 78. Subject to the provisions of Article 68 hereof the payment or repayment of moneys borrowed as aforesaid may be secured in such manner and upon such terms and conditions in all respects as the resolution shall prescribe including by the issue of debentures or debenture-stock of the Company charged upon all or any part of the property of the Company both present and future including its uncalled capital for the time being and debentures debenture-stock and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued. 79. Any debenture stock and other securities may be issued at a discount premium or otherwise and may be issued on condition that they shall be convertible into shares of any denomination and with any privilege conditions as to redemption surrender drawings allotment of shares and attending but not voting at General Meeting appointment of Directors and otherwise. Debentures with the right to conversion into or allotment of shares shall be issued only with the consent of the Company in General Meeting. 80. The Board shall cause proper Register to be kept in accordance with the provisions of Section 143 of the Act of all mortgages debentures and charges specifically affecting the property of the Company and shall cause the requirements of Sections 118 125 and 127 to 144 both inclusive of the Act in that behalf to be duly complied with so far as they are required to be complied by the Board. 81. The Company shall if any time it issues debentures keep a Register and Index of Debenture holders in accordance with Section 152 of the Act. The Company shall have the power to keep in any State or Country outside India branch Register of Debenture holders’ resident in that State or Country. 82. Every register of holders of debentures of the Company may be closed for any period not exceeding in the aggregate forty-five days in each year but not exceeding thirty days at any one time. Subject as aforesaid every such register shall be open to the inspection of the registered holder of any such debentures and of any member. But the Company may in General meeting impose any reasonable restrictions so that atleast two hours in each day when such register is open are appointed for inspection. 83. If the Directors refuse to register the transfer of any debentures the Company shall within two months from the date on which the instrument of transfer was lodged with the Company send to the transferee and the transferor notice of the refusal. 84. The Company shall comply with the provisions of Section 144 of the Act as to allowing inspection of copies of instruments creating charges kept at the Office in pursuance of Section 136 of the Act and as to allowing inspection of the Register of Charges to be kept at the Office in pursuance of Section 143 of the Act. Annexure to Notice Contd.

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22 85. The Company shall comply with the provisions of Section 118 of the Act as to supplying copies of any register of holders of debentures or of any trust deed for securing any issue of debentures. 86. Trustees for debenture-holders shall have the same right to receive and inspect the Balance Sheets and Profit and Loss Accounts of the Company and the Report of the Auditors and other reports as is possessed by the holders of Equity Shares in the Company. 87. If any uncalled capital of the Company be included in or charged by any mortgage or other security the Directors may by instrument under the Company’s seal authorize the person in whose favour such mortgage or security is executed or any other person in trust for him to make calls on the members in respect of such uncalled capital and the provisions hereinbefore contained in regard to calls shall mutatis mutandis apply to calls made under such authority and such authority may be made exercisable either conditionally or unconditionally and either presently or contingently and either to the exclusion of the Director’s power or otherwise and shall be assignable if expressed so to be. MEETINGS OF MEMBERS 88. The Company shall in each year hold General Meeting as its Annual General Meeting in addition to any other meetings in that year. All General Meetings other than the Annual General Meeting shall be called Extraordinary General Meetings. The first Annual General Meeting shall be held within eighteen months from the date of incorporation of the Company and the next Annual General Meeting shall be held within six months after the expiry of the financial year in which the first Annual General Meeting was held and thereafter an Annual General Meeting of the Company shall be held within six months after the expiry of each financial year provided that not more than fifteen months shall lapse between the date of one Annual General Meeting and that of the next. Nothing contained in the foregoing provisions shall be taken as affecting the right conferred upon the Registrar under the provisions of Section 166 1 of the Act to extend the time within which any Annual General Meeting may be held. Every Annual General Meeting shall be called for a time during business hours on a day that is not a public holiday and shall be held at the Office of the Company or at some other place within the city in which the office of the Company is situated as the Board may determine and the notices calling the Meeting shall specify it as the Annual General Meeting. The Company may in any one Annual General Meeting fix the time for its subsequent Annual General Meetings. Every member of the Company shall be entitled to attend the Annual General Meeting either in person or by proxy and the Auditor of the Company shall have the right to attend and to be heard at any General Meeting which he attends on any part of the business which concerns him as an Auditor. At every Annual General Meeting of the Company there will be laid on the table the Directors’ Report and Audited Statement of Accounts Auditor’s Report if not already incorporated in the Audited Statement of Accounts the proxy Register with Proxies and the Register of Directors’ shareholding which shall remain open and accessible during the continuance of the meeting. The Board shall cause to be prepared Annual list of Members summary of the Share Capital Balance Sheet and Profit and Loss Account and forward the same to the Registrar in accordance with Sections 159 161 and 220 of the Act. 89. The Board may whenever it thinks fit call an Extraordinary General Meeting and it shall do so upon a requisition in writing by any member or members holding in the aggregate not less than one-tenth of such of the paid-up capital as at that date carries the right of voting in regard to the matter in respect of which the requisition has been made. 90. Any valid requisition so made by members must state the object or objects of the meeting proposed to be called and must be signed by the requisitionists and be deposited at the office provided that such requisitions may consist of several documents in like form each signed by one or more requisitionists. 91. Upon the receipt of any such requisition the Board shall forthwith call an Extra Ordinary General Meeting and if they do not proceed within twenty-one days from the date of the requisition being deposited at the office to cause meeting to be called on a day not later than forty-five days from the date of deposit of the requisition the requisitionists or such of their number as representing either a majority in value of the paid-up share capital held by all of them or not less than one-tenth of such of the paid-up share capital of the Company as is referred to in Section 169 4 of the Act whichever is less may themselves call the meeting but in either case any meeting so called shall be held within three months from the date of delivery of the requisition as aforesaid. Annexure to Notice Contd.

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23 92. Any meeting called under the foregoing Articles by the requisitionists shall be called in the same manner as nearly as possible as that in which meetings are to be called by the Board. 93. A requisition by joint-holders of shares must be signed by all such holders. 94. Twenty-one days notice at least of every General Meeting Annual or Extra Ordinary and by whomsoever called specifying the day place and hour of meeting and general nature of business to be transacted there at shall be given in the manner hereinafter provided to such persons as are under these Articles entitled to vote there at and in case of any other meeting with the consent of members holding not less than 95 percent or such part of the paid up share capital of the Company as gives a right to vote at the meeting. A meeting may be convened by a shorter notice. In the case of an Annual General Meeting if any business other than i the consideration of the Accounts Balance Sheet and Reports of the Board of Directors and Auditors ii to elect Directors iii the declaration of dividend iv the appointment of and fixing of the remuneration of the Auditors is to be transacted and in the case of any other meeting in any event there shall be annexed to the notice of the Meeting a statement setting out all material facts concerning each such items of business including in particular the nature of the concern or interest if any therein of every Director and the Manager if any. Where any such item of special business relates to or affects any other company the extent of shareholding interest in other Company of every Director and Manager if any shall also be disclosed. Where any item of business consists of the according of approval to any document by the meeting the time and place where the document can be inspected shall be specified in the statement aforesaid. 95. The accidental omission to give any such notice as aforesaid to any of the members or the non-receipt thereof shall not invalidate any resolution passed at any such meeting. 96. No General Meeting Annual or Extraordinary shall be competent to enter upon discuss or transact any business which has not been mentioned in the notice or notices upon which it was convened. 97. Five members present in person shall be quorum for a General Meeting. 98. A body corporate being a member shall be deemed to be personally present if it is represented in accordance with Section 187 of the Act. 99. If at the expiration of half an hour from the time appointed for holding a meeting of the Company a quorum shall not be present the Meeting if convened by or upon the requisition of Members shall stand dissolved but in any other case the Meeting shall stand adjourned to the same day in the next week or if that day is a public holiday until the next succeeding day which is not a public holiday at the same time and place or to such other day and at such time and place in the city or town in which office of the Company is for the time being situate as the Board may determine and if at such adjourned Meeting a quorum is not present at expiration of half an hour from the time appointed for holding the members present shall be quorum and may transact the business for which the meeting was called. 100. The Chairman if any of the Board shall be entitled to take the chair at every General Meeting whether Annual or Extraordinary. If there be no such Chairman of the Board of if at any Meeting he is not been present within fifteen minutes of the time appointed for holding such Meeting or if he shall be unable or unwilling to take the Chair then the Vice-Chairman shall be entitled to take the Chair and failing him the Directors present may chose one of their Members to be Chairman of the Meeting. If no Director be present or if all the Directors are present decline to take the Chair then the Members present shall elect one of their Member to be Chairman. 101. No business shall be transacted at any General Meeting unless a quorum of members is present at the time when the meeting proceeds to business. 102. The Chairman with the consent of the Members may adjourn any Meeting from time to time and from place to place but no business shall be transacted at any adjourned Meeting other than the business left unfinished at the meeting from which the adjournment took place. 103. When a meeting is adjourned for thirty days or more notice of the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted at any adjourned meeting. Annexure to Notice Contd.

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24 104. At any General Meeting resolution put to the vote of the Meeting shall be decided on a show of hands unless a poll is before or on the declaration of the result on a show of hands ordered to be taken by the Chairman of the Meeting of his own motion or ordered to be taken by him on a demand made in that behalf by any member or members present in person or by proxy and holding shares in the Company which concern the power to vote on the resolution in question not being less than that one tenth of the total voting power in respect of such resolution or on which an aggregate sum of not less than Rs.50000 has been paid up and unless a poll is so demanded a declaration by the Chairman that a resolution has on a show of hands been carried or carried unanimously or by a particular majority and any entry to that effect in the Minutes Book of the Company shall be conclusive evidence of the fact with the proof of the number or proportion of the votes recorded in favour of or against the resolution. 105. In the case of any equality of votes whether on a show of hands or a poll Chairman of the Meeting at which the show of hands takes place or at which the poll is demanded shall be entitled to a second or a casting vote. 106. If a poll is demanded as aforesaid the same shall subject to Article 90 be taken at to be such time not later than forty eight hours from the time when the demand was made and the place in the city or town in which office of the Company is for the time being is situated either by open voting or by ballot as the Chairman shall direct and either at once or after an interval or adjournment or otherwise and the result of the poll shall be deemed to be the resolution of the Meeting at which the poll was demanded. The demand for a poll may be withdrawn at any time by the person or persons who made the demand. 107. Where a poll is to be taken the Chairman of the Meeting shall appoint two scrutinizers to scrutinize the vote given on the poll and to report thereon to him. One of the scrutinizers so appointed shall always be a member not being officer or employee of the Company present at the meeting provided such a member is available and willing to be appointed. The Chairman shall have power at any time before the result of the poll is declared to remove the scrutinizer from office and fill vacancies in the office of scrutinizer arising from such removal or any other cause. 108. If a poll is demanded on the election of a Chairman if shall be taken forthwith in accordance with the provisions of the Act and the Chairman elected on a show of hands shall exercise all the powers of the Chairman. If some other person is elected Chairman as a result of such poll he shall be the Chairman for the rest of the meeting. 109. The demand for a poll except on the questions of the election of the Chairman of an adjournment shall not prevent the continuance of a meeting for the transaction of any business other than the question on which a poll has been demanded. 110. Where by any provision contained in the Act or in these Articles special notice is required for any resolution notice of the intention to move the resolution shall be given to the Company not less than fourteen days before the meeting at which it is moved exclusive of the day on which the notice is served or deemed to be served and the day of the meeting. The Company shall immediately after the notice of the intention to move any such resolution has been received by it give to its members notice of the resolution in the same manner as it gives notice of the meeting or if that is not practicable shall give them notice thereof by an advertisement in a newspaper having an appropriate circulation not less than seven days before the meeting. VOTES OF MEMBERS 111. No member shall be entitled to vote either personally or by proxy at any General Meeting or Meeting of class of shareholders either upon a show of hands or upon a poll in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the Company has exercised any right of lien. 112. Subject to the provisions of these Articles and without prejudice to any special privileges or restrictions as to voting for the time being attached to any class of shares and for the time being forming part of the capital of the Company every member not disqualified by the last preceding Articles shall be entitled to be present and to speak and vote at such meeting and on a show of hands every member present in person shall have one vote and upon a poll the voting right of every member present in person or by proxy shall be in proportion to his share of the paid-up equity share capital of the Company provided however if any preference shareholder be present at any meeting of the Company save as provided in clause b of sub-section 2 of section 87 he shall have a right to vote only on resolutions placed before the Meeting which directly affect the rights attached to his preference shares. Annexure to Notice Contd.

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25 113. On a poll taken at a Meeting of the Company a member entitled to more than one vote or his proxy or other person entitled to vote for him as the case may be need not if he votes use all his votes or cast in the same way all the votes he uses. 114. A member of unsound mind or in respect of whom an order has been made by any court having jurisdiction in lunacy may vote whether on a show of hands or on a poll by his committee or other legal guardian and any such committee of guardian may on a poll vote by proxy if any member be minor the vote in respect of his share of shares shall be by his guardian or any one of his guardians if more than one to be selected in case of dispute by the Chairman of the meeting. 115. Any person entitled under the Transmission Clause to transfer any shares shall not be entitled to be present or to vote at any meeting either personally or by proxy in respect of such shares unless before the time of holding the meeting or adjourned meeting as the case may be at which he proposes to vote he shall have satisfied the Company of his right to transfer such shares as to which the opinion of the Board shall be final or unless the Board shall have previously admitted his right to vote at such meeting in respect thereof. 116. If there be joint registered holders of any shares any one of such persons may vote at any Meeting or may appoint another person whether members or not as his proxy in respect of such shares as if he were solely entitled thereto but the proxies so appointed shall not have any right to speak at the Meeting and if more than one of such joint-holders be present at any Meeting that one of the said persons so present whose name stands higher on the register shall alone be entitled to speak and to vote in respect of such shares but other joint-holders shall be entitled to be present at the meeting. Several executors or administrators of a deceased member in whose name shares stands for the purpose of these Articles be deemed joint holders thereof. 117. Subject to the provisions of these Articles votes may be cast either personality or by proxy. A body corporate being a member may vote either by a proxy or by a representative duly authorised in accordance with Section 187 of the Act and such representative shall be entitled to exercise the same rights and powers including the right to vote by proxy on behalf of body corporate which he represents as that body could exercise if it were individual members. 118. Any person entitled to transfer any share may vote at any General Meeting in respect thereof in the same manner as if he were the registered holder of such shares provided atleast forty eight hours before the time of holding the meeting or adjourned meeting as he shall satisfy the Directors of his right to transfer such shares and give such indemnity if any as the Directors may require or the Directors shall have previously admitted his right to vote at such meeting in respect thereof. 119. Every proxy whether a member or not shall be appointed in writing under the hand of appointer or his attorney or if such appointer is a corporation under the common seal of such corporation or be signed by an officer or any attorney duly authorised by it and any committee or guardian may appoint such proxy. The proxy so appointed shall not have any right to speak at the meetings. 120. An instrument of proxy may appoint a proxy either for a purpose of a particular meeting specified in the instrument and any adjournment thereof or it may appoint for the purpose of every meeting of the Company or of every meeting to be held before a date specified in the instrument and every adjournment of every such meeting. 121. A member present by proxy shall be entitled to vote only on a poll. 122. No person shall be allowed to vote or act as a proxy at any meeting unless the instrument appointing him as a proxy and the power of attorney if any under which it is signed shall have been deposited at the Office at least forty-eight hours before the time appointed for the holding of the meeting or adjourned meeting at which the person named in such instrument proposes to vote and in default thereof the instrument of proxy shall not be treated as valid and shall be rejected at the discretion of the Board. Any instrument appointing a proxy permanently or for a certain period may be registered with the Company once and for all and need not be again registered before each successive meeting and shall be in force until notice of revocation thereof shall have been received by the Company at any time before the hour fixed for the meeting. Annexure to Notice Contd.

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26 123. All the instruments of proxy shall remain in the custody of the Company permanently or for such time as the Board may determine. 124. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of proxy or of any power of attorney under which such proxy was signed or the transfer of the shares in respect of which the vote is given provided on intimation in writing of the death or insanity revocation or transfer shall have been received at the office before the commencement of the meeting or the adjourned meeting at which the proxy is used. 125. No objection shall be made to the validity of any vote except at any meeting or a poll at which such vote shall be tendered and every vote whether given personally or by a proxy not disallowed at such meeting or poll shall be deemed valid for all purposes of such meeting or poll whatsoever. 126. The Chairman of any meeting shall be the sole judge of the validity of every vote tendered at such meeting. The Chairman present at the taking of a poll shall be the sole judge of the validity of every vote tendered at such poll. 127. 1 The Company shall cause minutes of all proceedings of every General Meeting to be kept by making within thirty days of the conclusion of every such meeting concerned entries thereof in books kept for that purpose with their pages consecutively numbered. 2 Each page of every such book shall be initialed or signed and the last page of the record of the proceedings of each meeting on such book shall be dated and signed by the Chairman of the same meeting within the aforesaid period of thirty days or in the event of death or inability of the Chairman within the period by a Director duly authorised by the Board for the purpose. 3 In no case the minutes of proceedings of a meeting shall be attached to any such book as aforesaid by pasting or otherwise. 4 The minutes of each meeting shall contain a fair and correct summary of the proceedings thereat. 5 All appointments of officers made at any meeting aforesaid shall be included in the minutes of the meeting. 6 Nothing herein contained shall require or deemed to require the inclusion in any such minutes of any matter which in the opinion of the Chairman of the meeting:- i is or could reasonable be regarded as defamatory of any person or any person or ii is irrelevant or immaterial to the proceedings or iii is detrimental to the interests of the Company. 7 Any minutes shall be evidence of the proceedings recorded therein. 8 The book containing the minutes of proceedings of General Meetings shall be kept at the office of the Company and shall be open during the business hours for such periods not being less in the aggregate than two hours in each day as the Directors determine to the inspection of any member without charge. DIRECTORS 128. Until otherwise determined by the General Meeting of the Company and subject to the provisions of Section 252 of the Act the maximum number of Directors excluding Debenture and Alternate Directors shall not exceed twelve and the minimum number of Directors shall not be less than there. 129. If it is provided by the Trust Deed securing or otherwise in connection with any issue of debentures of the Company that any person or persons shall have the power to nominate a Director of the Company person or persons having such power may exercise such power from time to time and appoint a Director accordingly. Any Director so appointed is herein referred to as Debenture Director. A Debenture Director may be removed from office at any time by the person or persons in whom for the time being is vested the power under which he was appointed and other Director may be appointed in his place. A Debenture Director shall not be liable to retire by rotation and shall not be bound to hold any qualification shares. The Trust Deed may contain such ancillary provisions as may be arranged between the Company and the Trustees and all such provisions shall have effect notwithstanding any of the other provisions herein contained. Annexure to Notice Contd.

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27 130. So long as any moneys be owing by the Company to any Finance Corporation or Credit Corporation or to any Financing Company or Body and/or so long as any Finance Corporation or Credit Corporation or any Financing Company or body holds the shares in the Company acquired as a result of underwriting which Corporation or Body is hereinafter in this Article referred to as “the Corporation” the Directors may authorize such Corporation to appoint from time to time any one or more persons as Directors of the Company which Directors is hereinafter referred to as “Corporation Director” and the Corporation Director shall not be liable to retire by rotation and need not possess any qualification shares to qualify him for the office of such Director. The Corporation may at any time and from time to time remove any such Corporation Director or Directors appointed by it and may at the time of such removal and also in the case of death or resignation of the persons so appointed at any time appoint another or others in his or their place and also fill in any vacancy which may occur as a result of any such Director or Directors ceasing to hold that office for any reason whatever. Such appointment or removal shall be made in writing signed by the Chairman of the Corporation or any person or Director thereof authroised in this behalf and shall be delivered to the Company at its registered office. Every Corporation entitled to appoint a Director under this Article may appoint one or more such persons as Directors 131. In connection with any collaboration arrangement with any company or corporation or any firm or person for supply of technical know-how and/or machinery or technical advice the Directors may authorize such company corporation firm or person hereinafter in this clause referred to as “Collaborator” to appoint from time to time any person as a Director of the Company hereinafter referred to as “Special Director” and may agree that such Special Director shall not be liable to retire by rotation and need not possess any qualification shares to qualify him for the office of such Director so however that such Special Director shall hold office so long as such collaboration arrangement remains in force unless otherwise agreed upon between the Company and such Collaborator under the collaboration arrangements or at any time thereafter. The Collaborator may at time and from time to time remove any such Special Director appointed by it and may at the time of such removal and also in the case of death or resignation of the person so appointed at anytime appoint any other person as a Special Director in his place and appointment or removal shall be made in writing signed by such company or corporation or any partner or such person and shall be delivered to the Company at its registered office. It is clarified that every Collaborator entitled to appoint a Director under this Article may appoint one such person as a Director and so that if more than one Collaborator is so entitled there may be at any time as many Special Directors as the Collaborators eligible to make the appointment. 132. The provisions of Articles 117A 117B 118 119 120 and 165 subject to the provisions of Section 255 of the Act and the number of such Directors appointed under Articles 117A 117B 118 119 120 and 165 shall not exceed in the aggregate one-third of the total number of Directors for the time being in office. 133. The Board may appoint an Alternate Director to act for a Director hereinafter called “the Original Director” during his absence for a period of not less than three months from the State in which the Meeting of the Board are ordinarily held. An Alternate Director appointed under this Article shall not hold office for a period longer than that permissible to the Original Director in whose place he has been appointed and shall vacate office if and when the Original Director returns to the State. If the term of office of the Original Director is determined before he so returns to that State any provisions in the Act or in these Articles for the automatic re-appointment of any retiring Director in default of another appointment shall apply to the Original Director and not to the Alternate Director. 134. Subject to the provisions of Section 260 and 264 the Board shall have power at any time and from time to time appoint any other qualified person to be an Additional Director but so that the total number of Directors shall not at any time exceed a maximum fixed under Article 109. Any such Additional Director shall hold office only upto the date of the next Annual General Meeting. 135. Subject to the provisions of the Section 264 and 284 6 the Board shall have power at any time and from time to time to appoint any other qualified person to be a Director to fill a casual vacancy. Any person so appointed shall hold office only upto the date upto which the Director in whose place he is appointed would have held office if it had not been vacated by him. Annexure to Notice Contd.

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28 136. A Director need not hold any shares in the Company qualify him for the office of Directors of the Company. 137. 1 Subject to the provisions of the Act a Managing Director or a Director who is in the whole time employment of the Company may be paid remuneration either by way of a monthly payment or at a specified percentage of net profits of the Company or partly by one way and partly by the other or by any other mode not prohibited by the Act. 2 Subject to the provisions of the Act a Director who is neither in the whole time employment nor a Managing Director may be paid a remuneration either. i by way of monthly quarterly or annual payment with the approval of the Central Government or ii by way of commission if the Company by a special resolution authorise such payment. iii The remuneration of a Director including a Corporation Director for his services for attending a Board Meeting shall be such sum as may be determined by the Board subject to the maximum as may be prescribed by the Central Government from time to time under the relevant provisions of the Act for each meeting attended by him provided that the Directors may accept a lower sum from time to time. Provided further that in the case of Corporation Director if so desired by the Corporation appointing him no sitting fees shall be paid to him. Such sitting fees may however be paid to the appointing Corporation if so desired by it. 138. The Board may allow and pay to any Director who is not a bona-fide resident of the place where the Meetings of Board are ordinarily held and who shall come to such place for the purpose of attending any meeting such sum as the Board may consider fair compensation for travelling boarding lodging and other expenses in addition to his fee for attending such meeting as above specified and if any Director be called upon to go or reside out of the ordinary place of his residence for the Company’s business he shall be entitled to be repaid and reimbursed any travelling or other expenses incurred in connection with the business of the Company. Provided that if so desired by the Corporation appointing a Corporation Directors the Company may instead reimburse the corporation appointing such Directors any sums that may be paid by it to that Director in respect of his attendance at the meeting of the Board. 139. The continuing Directors may act notwithstanding any vacancy in their body if and so long as their number is reduced below the minimum number fixed by Section 252 of the Act the continuing Directors may act for the purpose of increasing the number of Directors to that number or of summoning a General Meeting but for no other purpose. 140. A person shall not be capable of being appointed a Director if he has the disqualifications referred to in Section 274 of the Act. 141. 1 Subject to Section 2832 and 314 to the Act the office of the Director shall become vacant if: a He is found to be of unsound mind by a court of competent jurisdiction or b He applies to be adjudicated an insolvent or c He is adjudged an insolvent or d He fails to pay any call made on him in respect of shares of the Company held by him whether alone or jointly with others within six months from the last date fixed for the payment of such call unless the Central Government has by notification in the Official Gazette removed the disqualification incurred by such failure or e He absents himself from these consecutive meetings of the Board of Directors or from all meetings of the Board for a continuous period of three months whichever is longer without obtaining leave of absence from the Board or f He becomes disqualified by an order of the court under Section 203 of the Act or g He is removed in pursuance of Section 284 or Annexure to Notice Contd.

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29 h He whether for himself or by any person for his benefit or on his account or any firm in which he is a partner or any private company of which he is director accepts a loan or any guarantee or security for loan from the Company in contravention of Section 295 of the Act or i He is convicted by a Court of any offence involving moral turpitude and is sentenced in respect thereof to imprisonment for not less than six months or j Having been appointed a Director by virtue of his holding any office or other employment in the Company he ceases to hold such office or other employment in the Company or k He resigns his office by a notice in writing addressed to the Company. l he acts in contravention of Section 299 of the Act. 2 Notwithstanding anything in sub-clauses c f and i of clause 1 the disqualification referred to in those sub- clauses shall not take effect: a for thirty days from the date of the adjudication sentence or order b where any appeal or petition is preferred within the thirty days aforesaid against the adjudication sentence or conviction resulting in the sentence or order until the expiry of seven days from the date on which such appeal or petition is disposed of or c where within the seven days aforesaid any further appeal or petition is preferred in respect of the adjudication sentence conviction or order and the appeal or petition if allowed would result in the removal of the disqualification until such further appeal or petition is disposed of. 142. 1 A Director or his relative or a firm in which such Director or relative is a partner or any other partner in such firm or private Company of which the Director is a member or Director may enter into any contract with the Company for the sale purchase or supply of any goods materials or services or for underwriting the subscription of any shares in or debentures of the Company provided that the sanction of the Board is obtained before or within three months of the date on which the contract is entered into in accordance with Section 297 of the Act. 2 No sanction shall however be necessary for:- a any purchase of goods and materials from the Company or the sale of goods or materials to the Company by any such Director relative firm partner or Private Company as aforesaid for cash at prevailing market prices or b any contract or contracts between the Company on one side and any such Director relative firm partner or private company on the other for sale purchase or supply of any goods materials and services which either the company or the Directors relative firm partner or private company as the case may be regularly trade or does business or where the value of the goods and the materials or the cost of such services does not exceed Rs. 5000/- in the aggregate in any year comprised in the period of the contract or contracts. Provided that in circumstances of urgent necessity a Director relative firm partner or Private Company as aforesaid may without obtaining the consent of the Board enter into any such contact with the Company for the sale purchase or supply of any goods materials or services even if the value of such goods or the cost of such services exceed Rs. 5000/- in the aggregate in any year comprised in the period of the contract if the consent of the Board shall be obtained to such contract or contracts at a meeting within three months of the date on which the contract was entered into. 143. A Director of the Company who is in any way whether directly or indirectly concerned or interested in a contract or arrangement or proposed contract or arrangement entered into or to be entered into by or on behalf of the Company shall disclose the nature of his concern or interest at a meeting of the Board in the manner provided in Section 2992 of the Act provided that it shall not be necessary for a Director to disclose his concern or interest in any contract or arrangement entered into or to be entered into with any other Company where any of the Directors of the Company or two or more of them together holds or hold not more than two percent of the paid up capital in any such other Company. Annexure to Notice Contd.

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30 144. A General Notice given to the Board by a Director to the effect that he is a Director or member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which may after the date of notice be entered into with that body corporate or firm shall be deemed to be a sufficient disclosure of concern or interest in relation to any contract or arrangement so made. Any such General Notice shall expire at the end of the financial year in which it is given but may be renewed for a further period of one financial year at a time by a fresh notice given in the last month of the financial year in which it would have otherwise expired. No such general notice and no renewal thereof shall be of effect unless it is brought up and read at the first meeting of the Board after it is given. 145. No Director shall as a Director take any part in the discussion of or vote on any contract or arrangement entered into or to be entered into by or on behalf of the Company if he is in anyway whether directly or indirectly concerned or interested in such contract or arrangement nor shall his presence count for the purpose of forming a quorum at the time of such discussion or vote and if he does vote his vote shall be void provided however that nothing herein contained shall apply to: a Any contract of indemnity against any loss which the Directors or anyone or more of them may suffer by reason of becoming or being sureties or a surety for the Company. b any contract or arrangement entered into or to be entered into with a public company or a private company which is a subsidiary of a public company in which the interest of the Director consists solely i in his being a a Director of such company and b the holder of not more than such number or value of shares therein as is requisite to qualify him for appointment as a Director thereof he having been nominated as such Director by the Company. or ii in his being a member holding not more than 2 of its paid –up share capital: 146. The Company shall keep a Register in accordance with Section 3011 and shall within the time specified in Section 3012 enter therein such of the particulars as may be relevant having regard to the application thereto of Section 297 or Section 299 of the Act as the case may be. The register aforesaid shall also specify in relation to each Director of the Company the names of the bodies corporate and firms of which notice has been given by him under Article 121. The Register shall be kept at the office of the Company and shall be open to inspection at such office and extracts may be taken there from and copies thereof may be required by any member of the Company to the same extent in the same manner and on payment of the same fee as in the case of the Register of Members of the Company and provisions of Section 163 of the Act shall apply accordingly. 147. A Director may be or become Director of any company promoted by the Company or in which it may be interested as a vendor shareholder or otherwise and no. such Director shall be accountable for any benefits received as Director or shareholder of such company except in so far as Section 3096 or Section 314 of the Act may be applicable. 148. Not less than two-third of the total number of Directors shall a be persons whose period of office is liable to determination by retirement of Directors by rotation and b save as otherwise expressly provided in the Act be appointed by the Company in General Meeting. The remaining Directors shall in default of and subject to any regulations in the Articles also be appointed by the Company in General Meeting. 149. At every Annual General Meeting of the Company one third of such of the Directors for the time being as are liable to retire by rotation or if their number is not three or a multiple or three the number nearest no one third shall retire from office. Annexure to Notice Contd.

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31 150. Subject to Section 2562 of the Act the Directors to retire by rotation under Article 148 at every Annual General Meeting shall be those who have been longest in office since their last appointment but as between persons who became Directors on the same day those who are to retire shall in default of and subject to any agreement among themselves be determined by lot. 151. At the Annual General Meeting at which a Director retires as aforesaid the Company may fill up vacancy by appointing the retiring Director or some other person thereto. 152. Subject to Sections 258 of the Act the Company at the General Meeting at which a Director retires in manner aforesaid may fill up the vacated office by electing persons thereto. 153. a If the place of retiring Directors is not filled up and the meeting has not expressly resolved not to fill the vacancy the meeting shall stand adjourned until the same day in the next work at the same time and place. b If at the adjourning meeting also the place of the retiring Directors is not filled up and that meeting also has not expressly resolved not to fill the vacancy the retiring Director shall be deemed to have been re-appointed at the adjourned meeting unless - i at that meeting or at the previous meeting the resolution for the re-appointment of such Director has been put to the meeting and lost ii the retiring Director has by a notice in writing addressed to the Company or its Board expressed his unwillingness to be so re-appointed. iii he is not qualified or is disqualified for appointment. iv a resolution whether special or ordinary is required for the appointment or re-appointment by virtue of any provisions of the Act. v the provision in sub-section2 of Section 263 of the Act is applicable to the case. 154. Subject to the Section 259 of the Act the Company may by Ordinary Resolution from time to time increase or decrease the number of Directors and may alter their qualifications and the Company may subject to the provisions of Section 284 of the Act remove any Director before the expiration of his period of office and appoint another qualified person in his stead. The person so appointed shall hold office during such time as a Director in whose place he is appointed would have held the same if he had not been removed. 155. 1 A person who is not a retiring Director shall subject to the provisions of this Act be eligible for appointment to the office of Director at any General Meeting if he or some member intending to propose him has not less than fourteen days before the meeting left at the office of the Company a notice in writing under his hand signifying his candidature for the office of Director or the intention of such member to propose him as a candidate for that office as the case may be along with a deposit of five hundred rupees which shall be refunded to such member if the person gets elected as a Director. The Company shall inform its members of the candidature of a person for the office of Director or the intention of a member to propose such person as a candidate for that office by serving individual notices on the members not less than seven days before the meeting. 2 Every person other than a Director retiring by rotation or otherwise or a person who has left at the office of the Company a notice under section 257 of the Act signifying his candidature for the office of a Director proposed as a candidate for the office of a Director shall sign and file with the Company his consent in writing to act as a Director if appointed. 3 A person other than a Director re-appointed after retirement by rotation or immediately on the expiry of his term of office or an Additional or Alternate Director or a person filling a casual vacancy in the office of a Director under Section 262 of the Act appointed as a Director or re-appointed as an Additional Director immediately on the expiry of his term of office shall not act as a Director of the Company unless he has within thirty days of his appointment signed and filled with the Registrar his consent in writing to act as such Director. Annexure to Notice Contd.

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32 156. a The Company shall keep at its office a Register containing the particulars of its Directors Managers Secretaries and other persons mentioned in Section 303 of the Act and shall otherwise comply with the provisions of the said section in all respects. b The Company shall in respect of each of its Directors also keep at its office a Register as required by Section 307 of the Act and shall otherwise duly comply with the provisions of the said section in all respects. 157. a Every Director including a person deemed to be a Director by virtue of the explanation to subsection 1 of Section 303 of the Act Managing Director Manager or Secretary of the Company shall within twenty days of his appointment to any of the above offices in any other body corporate disclose to the Company the particulars relating to his office in the other body corporate which are required to be specified under sub-section 1 of Section 303 of the Act. b Every Director and every person deemed to be a Director of the Company by virtue of sub-section 10 of Section 307 of the Act shall give notice to the Company of such matters relating to himself as may be necessary for the purpose of enabling the Company to comply with the provisions of that Section and section 308 of the Act. 158. Any Director or other person referred to in Section 314 of the Act may be appointed to or hold any office or place of profit under the Company in accordance with the provisions of Section 314 of the Act. 159. The provisions of Section 295 of the Act shall be observed and complied with in cases of loans to or guarantees to or by or providing of any security in connection with a loan to or by persons and under the circumstances and cases mentioned in that section so far as the same may be applicable. 160. If any Director being willing shall be called upon to perform extra services or to take any special exertions for any of the purpose of the Company the Company may subject to the provisions of the Act remunerate such Director either by a fixed sum or by a percentage of profit or otherwise as may be determined by the Directors but not exceeding that permitted under Section 309 of the Act and such remuneration may be either in addition to or in substitution for his share in the remuneration provided under these presents. MANAGING DIRECTOR 161. Subject to the provisions of the Act and approval of the Central Government the Directors may from time to time appoint one or more of their body to be Managing Director or Joint Managing Directors as the case may be of the Company for a fixed term not exceeding five years at a time for which he or they is or are to hold office and may from time to time subject to the provisions of any contract between him or them and the Company remove or dismiss him or them from office and appoint another or others in his or their place or places. A retiring Managing Director or Joint Managing Directors may be re-appointed subject to the provisions of the Act. The Managing Director or Joint Managing Directors as the case may be shall not while he or they continues or continue to hold that office be subject to retirement by rotation and shall not be reckoned as Director/s for the purpose of determining the number of Directors to retire by rotation. But he or they shall IPSO-FACTO ceases to be Managing Director or Joint Managing Directors as the case may be if he or they ceases or cease to hold the office of Director/s from any cause. 162. a Subject to the provisions of sections 198 309 and other applicable provision of the Act for the time being in force the Board of Directors may determine the remuneration payable to the Managing Director or the Joint Managing Directors as the case may be in any manner they may deem fit. The remuneration may be in the form of a monthly salary or a commission based on profits or partly in one way and partly in another as the Board may deem fit. b The Directors may in addition to the remuneration referred to in the preceding clause provide to the Managing Director or Joint Managing Directors as the case may be such allowances amenities benefits and facilities as they may deem fit from time to time with such sanction as may be necessary. c The Managing Director or the Joint Managing Directors as the case may be shall be entitled to be reimbursed for all his or their out-of pocket expenses incurred by him or them in connection with the business of the Company. Annexure to Notice Contd.

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33 163. Subject to the provisions of the Act the Directors may from time to time entrust to and confer upon a Managing Director for the time being such of the powers exercisable under these presents by the Directors as they may think and may confer such powers for such time and to be exercised for such objects and purposes and upon such terms and conditions and with such restrictions as they think expedient and they may confer such powers either collaterally with or to the exclusion of and in substitution for all or any of the powers of the Directors in that behalf and may from time to time revoke withdraw alter or vary all or any of such powers. 164. The Company shall not appoint or employ or continue the appointment or employment of a person as its Managing or Whole-Time Director who- a is an undischarged insolvent or has at any time been adjudged an insolvent. b suspends or has at any time suspended payment to his creditors or makes or has at any time made a composition with them or c is or has at any time been convicted by a Court of any offense involving moral turpitude. 165. A Managing Director shall not while he continues to hold that office be subject to retirement by rotation in accordance with Article 148. If he ceases to hold the office of Director he shall IPSO-FACTO and immediately cease to be Managing Director. All the provisions of the aforesaid articles relating to Managing Directors shall also apply to Whole-Time Directors if appointed by the Board of Directors. PROCEEDINGS OF THE BOARD OF DIRECTORS 166. The Directors may meet together as a Board for the dispatch of business from time to time and shall so meet at least once in every three months and at least four such meetings shall be held in every year. The Directors may adjourn and otherwise regulate their meetings as they think fit. 167. “Seven Days” notice of every meeting of the Board shall be given by a letter cable email sms or telex to every Director for the time being in India and at his usual address in India to every other Director provided that a meeting of the Board may be called after giving shorter notice than that specified above if consent is accorded thereto by all the Directors by a letter cable or telex. Notice to or consent of any Alternate Director shall be deemed notice to or consent of the original Director for whom he is an alternate and no separate notice to or consent of the original Director for whom an alternate is appointed shall be necessary. 168. Subject to Section 287 of the Act the quorum for a meeting of the Board shall be one-third of its total strength excluding Directors if any whose places may be vacant at the time and any fraction contained in that one-third being rounded off as one or two Directors whichever is higher provided that where at any time the number of interested Directors exceeds or is equal to two-thirds of the total strength the number of the remaining Directors that is to say the number of Directors who are not interested present at the meeting being not less than two shall be the quorum during such time. 169. If a meeting of the Board could not be held for want of quorum the meeting shall automatically stand adjourned to such other date time if any as may be fixed by the Chairman not being later than seven days from the date originally fixed for the meeting. 170. The Secretary shall as and when directed by the Directors to do so convene a meeting of the Board by giving a notice in writing to every other Director. 171. The Board shall from amongst its members elect the Chairman and Vice Chairman of the Board of Directors and determine the period of office and remuneration if any payable to them. The Chairman shall preside at all the meetings of the Board of Directors. In the absence of the Chairman the Vice Chairman shall preside at the meetings of the board. If at any meeting of the Board the Chairman as well as the Vice Chairman are absent at the time appointed for holding the meeting or if both are present but are not willing to reside over the meeting then the Directors present may choose one of their members to be the Chairman of the meeting. Annexure to Notice Contd.

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34 172. Questions arising at any meeting of the Board shall be decided by a majority of votes and in the case of any equality of votes the Chairman shall have a second or casting vote. 173. A meeting of the Board for the time being at which a quorum is present shall be competent to exercise all or any of the authorities powers and discretions which by or under the Act or the Articles of the Company are for the time being vested in or exercisable by the Board generally. 174. a Subject to the restrictions contained in Section 292 of the Act the Board may delegate any of their powers to Committees of the Board consisting of such Members or Members of its body as it think fit and it may from time to time revoke and discharge any such Committee of the Board either wholly or in part but every Committee of the Board so formed shall in the exercise of the powers so delegated conform to any regulations that may from time to time be imposed on it by the Board. All acts done by any such Committee of the Board in conformity with such regulations and in fulfillment of the purposes of their appointment but not otherwise shall have the like force and effect as if done by the Board. b The Committee may elect a Chairman of its meeting. If no such Chairman is elected or if at any meeting the Chairman is not present within 5 minutes after the time appointed for holding the meeting the members present may choose one of their members to be Chairman of meeting. 175. The meeting and proceedings of any such Committee of the Board consisting of two or more members shall be governed by the provisions herein contained for regulating the meetings and proceedings of the Directors so far as the same are applicable thereto and are not superseded by any regulations made by the Directors under the last preceding Article. 176. No resolution shall be deemed to have been duly passed by the Board or by a Committee thereof by circulation unless the resolution has been circulated in draft together with the necessary papers if any to all the Directors or to all the Members of the Committee then in India not being less in number than quorum fixed for a meeting of the Board or Committee as the case may be and to all other Directors or Members of the Committee at their usual address in India and has been approved by such of the Directors or Members of the Committee as are then in India or by a majority of such of them as are entitled to vote on the resolution. 177. All acts done by any meeting of the Board or by a Committee of the Board or by any person acting as a Director shall notwithstanding that it shall afterwards be discovered that there was some defect in the appointment of such Director or person acting as aforesaid or that they or any of them were disqualified or had vacated office or that the appointment of any of them had been terminated by virtue of any provisions contained in the Act or in these Articles be as valid as if every such person had been duly appointed and was qualified to be a Director and had not vacated his office or his appointment had been terminated provided that nothing in this Article shall be deemed to give validity to acts done by a Director after his appointment has been shown to the Company to be invalid or to have terminated. 178. 1 The Company shall cause minutes of all proceedings of every meeting of the Board and Committee thereof to be kept by making within thirty days of conclusion of every such meeting entries thereof in books kept for that purpose with their pages consecutively numbered. 2 Each page of every such book shall be initiated or signed and the last page of the record of proceedings of each meeting in such book shall be dated and signed by the Chairman of the said meeting of the Chairman of the next succeeding meeting. 3 In no case shall the minutes of proceedings of a meeting be attached to any such book as aforesaid by pasting or otherwise. 4 The minutes of each meeting shall contain a fair and correct summary of the proceedings thereat. 5 All appointments of officers made at any meetings aforesaid shall be included in the minutes of the meeting. 6 The minutes shall also contain: a The names of the Directors present at the meeting and b In the case of each resolution passed at the meeting the names of the Directors if any dissenting from or not concurring in the resolution. Annexure to Notice Contd.

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35 7 Nothing contained in sub/clause 1 to 6 shall be deemed to require the inclusion in any such minutes of any matter which in the opinion of the chairman of the meeting: a is or would reasonably by regarded as defamatory of any person: b is irrelevant or immaterial to the proceeding: or c is detrimental to the interest of the Company. The Chairman shall exercise an absolute discretion in regard to the inclusion or non-inclusion of any matter in the minutes on the grounds specified in this sub-clause. 8 Minutes of meetings kept in accordance with the aforesaid provisions shall be evidence of the proceedings recorded therein. 179. 1 The Board may exercise all such powers of the Company and do all such acts and things as are not by the Act or any other Act or by the Memorandum or by the Articles of the Company required to be exercised by the Company in General Meeting subject nevertheless to these Articles to the provisions of the Act or any other Act and to such regulations being not inconsistent with the aforesaid regulations or provisions as may be prescribed by the Company in General Meeting shall validate any prior Act of the Board which would have been valid if the regulations had not been made. Provided that the Board shall not except with the consent of the Company in General Meeting: a sell lease or otherwise dispose of the whole or substantially the whole of the undertaking of the Company or where the Company owns more than one undertaking of the whole or substantially the whole of any such undertaking b remit or give time for the repayment any debt by a Director c invest otherwise than in trust securities the amount of compensation received by the Company in respect of the compulsory acquisition of any such undertakings as is referred to in clause a or of any premises or properties used for any such undertaking and without which it cannot be carried on or can be carried on only with difficulty or only after a considerable time d borrow moneys where the moneys to be borrowed together with the moneys already borrowed by the Company apart from temporary loans obtained from the Company’s bankers in the ordinary course of business will exceed the aggregate of the paid-up capital of the Company and its free reserves that is to say reserves not set apart for any specific purpose. Provided further that the powers specified in Section 292 of the Act shall subject to these Articles be exercised only at meetings of the Board unless the same be delegated to the extent therein stated or e contribute to charitable and other funds not directly relating to the business of the Company or the welfare of its employees any amounts the aggregate of which will in any financial year exceed fifty thousand rupees or five percent of its average net profits as determined in accordance with the provisions of Sections 349 and 350 of the Act during the three financial years immediately preceding whichever is greater. 2 Nothing contained in sub clause a of Clause 1 shall affect: a the title of a buyer or other person who buys or takes a lease of any such undertaking as is referred to in that sub-clause in good faith and after exercising due care and caution or b the selling or leasing of any property of the Company where the Ordinary business of the Company consists of or comprises such selling or leasing. 3 Any resolution passed by the Company permitting any transaction such as is referred to in sun-clausea of Clause 1 may attach such conditions to the permission as may be specified in the resolution including conditions regarding the use disposal or investment of the sale proceeds which may result from the transaction. Provided that this clause shall not be deemed to authorize the Company to effect any reduction in its Capital except in accordance with the provisions contained in that behalf in the Act. Annexure to Notice Contd.

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36 4 No debt incurred by the Company in excess of the limit imposed by sub-clause d of Clause 1 shall be valid or effectual unless the lender proves that he advanced the loan in good faith and without knowledge that the limit imposed by that clause had been exceeded. 180. Without prejudice to the general powers conferred by the last preceding Article and so as not in any way to limit or restrict those powers and without prejudice to the other powers conferred by these Articles but subject to restrictions contained in the last preceding Article it is hereby declared that the Directors shall have the following powers that is to say power:- 1 To pay the costs charges and expenses preliminary and incidental to the promotion formation establishment and registration of the Company 2 To pay and charge to the capital account of the Company a commission or interest lawfully payable thereat under the provisions of Section 76 and 208 of the Act 3 Subject to the Sections 292 and 297 of the Act to purchase or otherwise acquire for the Company any property rights or privileges which the Company is authorized to acquire at or for such price or consideration and generally on such terms and conditions as they may think fit and in any such purchase or other acquisition to accept such title as the Directors may believe or may be advised to be reasonably satisfactory 4 To acquire by purchase lease or in exchange or otherwise lands buildings hereditaments machinery rights privileges or properties movable or immovable 5 To erect construct enlarge improve alter maintain pull down rebuild or reconstruct any buildings factories offices work-shops or other structures necessary or convenient for the purposes of the Company and to acquire lands for the purposes of the Company 6 To let mortgage charge sell or otherwise dispose off subject to the provisions of Section 293 of the Act any property of the Company either absolutely or conditionally and in such manner and upon such terms and conditions in all respects as they think fit and to accept payment or satisfaction for the same in cash or otherwise as they may think fit 7 At their discretion and subject to the provisions of the Act to pay for any property rights or privileges acquired by or services rendered to the Company either wholly or partially in cash or in shares bonds debentures mortgages or other securities of the Company and any such shares may be issued either as fully paid up or with such amount credited as paid up thereon as may be agreed upon and any such bonds debentures mortgages and other securities may either specially charged upon all or any part of the property of the Company and its uncalled capital or not so charged 8 To insure and keep insured against loss or damage by fire or otherwise for such period and to such extent as they may think proper all or any part of the buildings machinery goods stores produce and other movable property of the Company either separately or co-jointly also to insure all or any portion of the goods produce machinery and other articles imported or exported by the Company and to sell assign surrender or discontinue any policies of assurance effected in pursuance of this power. 9 Subject to Section 292 of the Act to open accounts with any bank or bankers or with any Company firm or individual and to pay money into and draw money from any account from time to time as the Directors may think fit 10 To secure the fulfillment of any contracts or engagement entered into by the Company by mortgage or charge of all or any of the property of the Company and its uncalled capital for the time being or in such manner as they may think fit 11 To attach to any shares to be issued as the consideration or part of the consideration for any contract with or property acquired by the Company or in payment for services rendered to the Company such conditions subject to the provisions of the Act as to the transfer thereof as they think fit 12 To accept from any member as far as may be permissible by law a surrender of his shares or stock or any part thereof on such terms and conditions as shall be agreed Annexure to Notice Contd.

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37 13 To appoint any person or persons whether incorporate or not to accept and hold in trust for the Company any property belonging to the Company in which it is interested or for any other purposes and to execute and do all such deeds and things as may be required in relation to any trust and to provide for the remuneration of such trustee or trustees 14 To institute conduct defend compound or abandon any legal proceedings by or against the Company or its Officers or otherwise concerning the affairs of the Company and also to compound and allow time for payment or satisfaction of debts due and of any claim or demands by or against the Company and to refer any difference to arbitration and observe and perform any awards made thereon 15 To act on behalf of the Company in all matters pertaining to bankrupts and insolvents 16 To make and give receipts release and other discharges for moneys payable to the Company and for the claims and demands of the Company 17 Subject to the provision of Sections 292 295 370 and 372 of the Act to invest and deal with any moneys of the Company not immediately required for the purpose thereof upon such security not being shares of the Company or without security and in such manner as they think fit and from time to time to vary or realize such investments. Save as provided in Section 49 of the Act all investments shall be made and held in the Company’s own name 18 To execute in the names and on behalf of the Company in favour of any Director or other person who may incur or be about to incur any personal liability whether as principal or surety for the benefit of the Company such mortgages of the Company’s property present and future as they think fit and any such mortgage may contain a power of sale and such other powers provisions covenants and agreements as shall be agreed upon 19 To determine from time to time who shall be entitled to sign on the Company’s behalf bills notes receipts acceptances endorsements cheques dividend warrants releases contracts and documents and to give the necessary authority for such purpose 20 To distribute by way of bonus amongst the Staff of the Company share or shares in the profits of the Company and to give to any Officer or other person employed by the Company a commission on the profits or any particular business or transaction and to charge such bonus or commission as part of the working expense of the Company 21 To provide for the welfare of Directors or ex-Directors or employees or ex-employees of the Company and their wives widows and families of the dependents or connections of such persons by building or contributing to the building of houses dwellings or chawls or by grants of money pension gratuities allowances bonus or other payments or by creating and from time to time subscribing or contributing to provident and other associations institutions funds or trusts and by providing or subscribing or contributing towards places of instruction and recreation hospitals and dispensaries medical and other attendance and other assistance as the Board shall think fit and to subscribe or contribute or otherwise to assist or to guarantee money to charitable benevolent religious scientific national or other institutions or objects which shall have any moral or other claim to support or aid by the Company either by reason of locality of operation or of public and general utility or otherwise 22 Before recommending any dividend to set aside out of the profits of the Company such sums as they may think proper for depreciation or to Depreciation Fund or to an Insurance Fund or as a Reserve Fund or Sinking Fund or any Special Fund to meet contingencies or to repay redeemable preference shares debentures or debenture-stock or for special dividends or for equalizing dividends or for requiring improving extending and maintaining any of the property of the Company and for such other purposes including the purposes referred to in the preceding clause as the Board may in their absolute discretion think conducive to the interest of the Company and subject to Section 292 of the Act to invest the several sums so set aside or so much thereof as require to be invested upon such investments other than shares of the Company as they may think fit and from time to time to deal with and vary such investments and dispose of and apply and expend all or any part thereof for the benefit of the Company in such manner and for such purposes as the Board in their absolute discretion think conducive to the interest of the Company notwithstanding that the matters to which the Board apply or upon which they expend the same or any part thereof may be matters to or upon which the capital moneys of the Company might rightly be applied or expended and to divide the Reserve Fund into such special funds as the Board may think fit with full power to transfer the whole or any portion of a Reserve Fund or division of a Reserve Fund with full power to employ the assets constituting all or any of the above funds including the Depreciation Fund in the business of the Company or in the Annexure to Notice Contd.

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38 purchase or repayment of debentures or debenture-stock and without being bound to keep the same separate from the other assets and without being bound to pay interest on the same with power however to the Board at their discretion to pay or allow to the credit of such funds interest at such rate as the Board may think proper 23 To appoint and at their discretion remove or suspend such general managers managers secretaries assistants supervisors clerks agents and servants for permanent temporary or special services as they may from time to time think fit and to determine their powers and duties and fix their salaries or emoluments or remuneration and require security in such instances and such amount as they may think fit. Also from time to time provide for the management and transaction of the affairs of the Company in any specified locality in India or elsewhere in such manner as they think fit and provisions contained in the four next-following sub clauses shall be without prejudice to the general powers conferred by this sub-clause 24 To establish and maintain or procure the establishment and maintenance of any contributory or non-contributory pension or superannuation funds for the benefit of and give or procure the giving of donations gratuities pensions allowances or emoluments to any person who are or were at any time in the employment or service of the Company or of any company which is a subsidiary of the Company or is allied to or associated with the Company or with any such subsidiary company or who are or were at any time Directors or Officers of the Company or of any such other Company as aforesaid and the wives widows families and dependents of any such persons and also establish and subsidise and subscribe to any institutions. 25 To comply with the requirements of any local law which in their opinion it shall in the interests of the Company be necessary or expedient to comply with. 26 From time to time and at any time to establish any Local Board for managing any of the affairs of the Company in specified locality in India or elsewhere and to appoint any person to be members of such Local Boards and to fix their remuneration 27 Subject to Section 292 of the Act from time to time and at any time to delegate to any person so appointed any of the powers authorities and discretions for the time being vested in the Board other than their power to make calls or to make loans or borrow moneys and to authorize the members for the time being of any such Local Board or any of them to fill up any vacancies therein and to act notwithstanding vacancies and any such appointment or delegation may be made on such terms and subject to such conditions as the Board may think fit and the Board may at any time remove any persons so appointed and may annul or vary any such delegation 28 At any time and from time to time by Power of Attorney under the Seal of the Company to appoint any person or persons to be the Attorney or Attorneys of the Company for such purposes and with such powers authorities and discretions not exceeding those vested in or exercisable by the Board under these presents and excluding the power to make calls and excluding also except in their limits authorized by the Board the power to make loans and borrow moneys and for such period and subject to such conditions as the Board may from time to time think fit and any such appointment may if the Board thinks fit be made in favour of the members of any Local Board established as aforesaid or in favour of any company or the shareholders directors nominees or managers of any company or firm or otherwise in favour of any fluctuating body of persons whether nominated directly or indirectly by the Board and any such Power of Attorney may contain such powers for the protection or convenience of persons dealing with such Attorneys as the Board may think fit and may contain powers enabling any such delegates or attorneys as aforesaid to sub-delegate all or any of the powers authorities and discretions for the time being vested in them 29 Subject to the provisions of the Act generally and from time to time and at any time to authorize empower or delegate to with or without powers of sub-delegation any Director Officer or Officers or Employee for the time being of the Company all or any of the powers authorities and discretions for the time being vested in the Directors by these presents subject to such restrictions and conditions if any as the Directors may think proper 30 Subject to Section 294 and 297 of the Act for or in relation to any of the matters aforesaid or otherwise for the purposes of the Company to enter into all such negotiations and contracts and rescind and vary all such contracts and execute and do all such acts deeds and things in the name and on behalf of the Company as they may consider expedient 31 From time to time to make vary and repeal by laws for the regulation of the business of the Company its Officers and Servants. Annexure to Notice Contd.

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39 THE SECRETARY 181. The Board may appoint a Secretary to the Company on such terms and impose on him such regulations as may seem expedient and may remove any Secretary so appointed and may fill up any vacancy in the office of Secretary. The Secretary shall exercise such powers and carry out such duties as the Board may from time to time determine. THE SEAL 182. a The Board shall provide a Common Seal for the purpose of the Company and shall have power from time to time destroy the same and substitute a new Seal in lieu thereof and the Board shall provide for the safe custody of the seal for the time being. b The Company shall also be at liberty to have an official seal in accordance with Section 50 of the Act for use in any territory district or place outside India. 183. The Common Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors and in the presence of a Director or Secretary if any and such other person as the Directors may appoint for the purpose and that Director or Secretary if any and other person as aforesaid shall sign every Deed or other instrument to which the Seal of the Company is so affixed in their presence. DIVIDENDS 184. The profits of the Company subject to any special rights relating thereto created or authorized to be created by these Articles shall be divisible among the members in proportion to the amount of capital paid-up or credited as paid-up on the shares held by them respectively. 185. The Company in General Meeting may declare dividends to be paid to members according to their respective rights but no dividends shall exceed the amount recommended by the Board but the Company in General Meeting may declare a smaller dividend. 186. No dividend shall be declared or paid otherwise than out of the profits of the financial year arrived at after providing for depreciation in accordance with the provisions of Section 205 of the Act or out of the profits of the Company remaining undistributed or out of both provided that a If the Company has not provided for depreciation for any previous financial year or years it shall before declaring or paying a dividend for any financial year provides for such depreciation out of the profits of the financial year or out of the profits of any other previous financial year or years b If the Company has incurred any loss in any previous financial year or years the amounts of the loss or an amount which is equal to the amount provided for depreciation for that year or those years whichever is less shall be set off against the profits of the Company for the year for which the dividend is proposed to be declared or paid or against the profits of the Company for any previous financial year or years arrived at in both cases after providing for depreciation in accordance with the provisions of sub-section 2 of Section 205 of the Act or against both. 187. The Board may subject to provisions of the Act from time to time pay to the members such interim dividend as in their judgment the position of the Company justifies 188. Where capital is paid in advance of call such capital may carry interest but shall not in respect thereof confer a right to dividend or participate in profits or voting rights. 189. All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares during any portion or portions of the period in respect of which the dividend is paid but if any share is issued on terms providing that it shall rank for dividend as from a particular date such shares shall rank for dividend accordingly. 190. The Board may retain the dividends payable upon shares in respect of which any person is under Article 69 entitled to become a Member or which any person under that Article is entitled to transfer until such person shall become a Member in respect of such shares or shall duly transfer the same. Annexure to Notice Contd.

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40 191. Any one of several persons who are registered as the joint-holders of any share may give effectual receipts for all dividends or bonus or other moneys payable in respect of such shares. 192. No member shall be entitled to receive payment of any interest or dividend in respect of his share or shares while any money may be due or owing from him to the Company in respect of such share or shares or otherwise howsoever either alone or jointly with any other person or persons and the Board may deduct from the interest or dividend payable to any member all sums of the money so due from him to the Company. 193. A transfer of shares shall not pass the right to any dividend declared thereon before the registration of the transfer. 194. Unless otherwise directed any dividend may be paid by cheque or warrant or by a pay-slip or receipt having the force of a cheque or warrant sent through the post to the registered address of the member or person entitled or in case of joint holders to that one of them first named in the Register in respect of the joint holders. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. The Company shall not be liable or responsible for any cheque or warrant or pay-slip or receipt lost in transmission or for any dividend lost to the member or person entitled thereto by the forged endorsement of any cheque or warrant or the forged signature of any pay-slip or receipt or the fraudulent recovery of the dividend by any other means. 195. Any dividend unclaimed or unpaid will not be forfeited and in case of unclaimed or unpaid dividend the Company shall comply with all the provisions of Section 205A of the Companies Act 1956. 196. Any General Meeting declaring a dividend may on the recommendation of the Directors make a call on the members of such amount as the meeting fixes but so that call on each member shall not exceed the dividend payable to him and so that the call be made payable at the same time as the dividend and the dividend may if so arranged between the Company and the member be set off against the calls. 197. Notice of the declaration of any dividend whether interim or otherwise shall be given to the members in the manner hereinafter provided. 198. The Directors may if they think fit call upon members when applying for dividends to produce their share certificates to any person appointed in this behalf by the Company. 199. Where the Company has declared a dividend but which has not been paid or claimed within 30 days from the date of declaration to any shareholder entitled to the payment of the dividend the Company shall within 7 days from the date of expiry of the said period of 30 days open a special account in that behalf in any scheduled bank called “Unpaid Dividend Account of Kingfisher Airlines Limited” and transfer to the said account the total amount of dividend which remains unpaid or unclaimed or in relation to which no dividend warrant has been posted. Any money transferred to the unpaid dividend account of the Company which remain unpaid or unclaimed for a period of seven years from the date of such transfer shall be transferred by the Company to the Fund established under sub- section 1 of section 205 C of the Act. No unclaimed or unpaid dividend shall be forfeited by the Board. BUY BACK 200. The Company may from time to time buyback the shares subject to the provisions of Section 77A of the Companies Act and in accordance with any other applicable law or regulation for the time being in force. CAPITALIZATION 201. a The Company in General Meeting may resolve that any moneys investments or other assets forming part or the undivided profits of the Company standing to the credit of the Reserve Fund or any Capital Redemption Reserve Account or in the hands of the Company and available for dividend or representing premium received on the issue of shares and standing to the credit of the Share Premium Account be capitalized distributed among such of the shareholders as would be entitled to receive the same if distributed by way of dividend and in the same proportions Annexure to Notice Contd.

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41 on the footing that they become entitled there to as capital and that all or any part of such capitalized fund be applied on behalf of such shareholders in paying up in full either at par or at such a premium as the resolution may provide any un-issued shares or debentures or debenture stock of the Company which shall be distributed accordingly in or towards payment of the uncalled liability on any issued shares or debentures or debenture stock and that such distribution or payment shall be accepted by such shareholders in full satisfaction of their interest in the said capitalized sum provided that a Share Premium Account and a Capital Redemption Reserve Account may for the purposes of this Article only be applied in the paying of any un-issued shares to be issued to members of the Company as fully paid bonus shares. b A General Meeting may resolve that any surplus moneys arising from the realization of any capital assets of the Company or any investments representing the same or any other undistributed profits of the Company not subject to charge for Income tax be distributed among the members on the footing that they receive the same as capital. c For the purpose of giving effect to any resolution under the preceding paragraphs of this Article the Board may settle any difficulty which may arise in regard to the distribution as it thinks expedient and in particular may issue fractional certificates and may fix the value for distribution of any specific assets and may determine that such cash payments shall be made to any members upon the footing of the value so fixed or that fraction of less value than Rs.10/- may be disregarded in order to adjust the rights of all parties and may vest any such cash or specific assets in trustees upon such trusts for the person entitled to the dividend or capitalized fund as may seem expedient to the Board. Where requisite a proper contract shall be delivered to the registrar for registration in accordance with the provisions of the Companies Act 1956 and the Board may appoint any person to sign such contract on behalf of the persons entitled to the dividend or capitalized fund and such appointment shall be effective. ACCOUNTS 202. 1 The Company shall keep at the office or at such other place in India as the Board thinks fit proper books of Account in accordance with Section 209 of the Act with respect to- a the paid-up capital for the time being of the Company b all sums of moneys received and expended by the Company and the matters in respect of which the receipts and expenditure take place c all sales and purchases of goods by the Company d the assets and liabilities of the Company. 2 Where the Board decide to keep all or any of the Books of Account at any place other than the office of the Company the Company shall within seven days of the decision file with the Registrar a Notice in writing giving the full address of that other place. 3 The Company shall preserve in good order the Books of Account relating to period of not less than eight years preceding the current years together with the vouchers relevant to any entry in such Books of Account. 4 Where the Company has a branch office whether in or outside India the Company shall be deemed to have complied with this Article if proper Books of Account relating to the transactions effected at the Branch office are kept at the branch office and proper summarized returns made upto date at intervals of not more than three months are sent by the branch office to the Company at its office or other place in India at which the Company’s Books of Accounts are kept as aforesaid. 5 The Books of Accounts shall give a true and fair view of the state of the affairs of the Company or branch office as the case may be and explain its transactions. The Books of Accounts and other books and papers shall be open to inspection by any Directors during business hours. 203. The Board shall from time to time determine whether and to what extent at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Annexure to Notice Contd.

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42 members not being Directors and no member not being Director shall have any right of inspecting any account or books or documents of the Company except as conferred by law or authorized by the Board. 204. The Directors shall from time to time in accordance with sections 210 211 212 215 216 and 217 of the Act cause to be prepared and laid before the Company in General Meeting such Balance Sheets Profit and Loss Accounts and Report as are required by these Sections. 205. A copy of every such Profit and Loss Accounts and Balance Sheet including the Auditors Report and every other document required by law to be annexed or attached to the Balance Sheet shall at least twenty-one days before the meeting at which same are to be laid before the members be sent to the members of the Company to holders of debentures issued by the Company not being debentures which EX-FACIE are payable to the bearer thereof to trustees for the holders of such debentures and all persons entitled to receive notice of General Meeting of the Company. 206. Notwithstanding anything contained in Article 175 and in accordance with the provisions of Section 219 of the Act as amended by the Companies Amendment Act 1988: i A copy of every Balance Sheet Profit and Loss Account Auditors Report and every document required by law to be annexed or attached to the Balance Sheet and which is to be laid before a General Meeting of the Company shall be made available for inspection at its Registered Office during working hours for a period of twenty one days before the date of the meeting and a statement containing the salient features of such documents in the prescribed form shall be sent to every member of the Company and to every trustee for the holders of any debentures issued by the Company not less than twenty one days before the date of the meeting. ii Any member or holder of debentures and any person from whom the Company has accepted a sum of money by way of deposit shall on demand be entitled to be furnished free of cost with a copy of the last balance sheet of the Company and of every document required by law to be annexed or attached thereto including the Profit and Loss Account and the Auditors’ Report. 207. 1 At all Ordinary Meetings the Directors shall lay before the Company a Balance Sheet and Profit and Loss Account since the preceding account made up to a date not earlier than the date of meeting by more than six months or if the Company is carrying on business or has interests outside India by more than twelve months subject in either case to the right of the Registrar to extend the period for any special reason by a period not exceeding three months under Section 210 of the Act. 2 The said Balance Sheet shall be in the form marked Part I of Schedule VI to the Act or as near thereto as circumstances admit. 3 The Profit and Loss Account shall in addition to the matters referred to in sub-section 2 of Section 211 of the Act show arranged under the most convenient heads the amount of gross income distinguishing the several sources from which it has been derived and amount of gross expenditure distinguishing the expenses of the establishment salaries and other like matters. Every items of expenditure fairly chargeable against the year’s income shall be brought into account so that a just balance of profit and loss may be laid before the meeting and in cases where any item of expenditure which may in fairness be distributed over several years has been incurred in any one year the whole amount of such item shall be stated with the addition of the reasons why only a portion of such expenditure is charged against the income of the year. Provided always that the provisions of this Articles shall be deemed to require that a statement of the reasons why of the whole amount of any item of expenditure which may in fairness be distributed over several years only a portion thereof is charged against the income of the year shall be shown in the Profit and Loss Account unless the Company in General Meeting shall determine otherwise. 4 The Auditors’ Report to be prepared in accordance with the provisions of Article 192 hereof shall be attached to the Balance Sheet and Profit and Loss Account or there shall be inserted at the foot thereof a reference to the Report and the Report shall be read before the Company in General Meeting and shall be open to inspection by any shareholder. Annexure to Notice Contd.

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43 AUDIT 208. Once at least in every year the Accounts of the Company shall be examined and the correctness of the Balance Sheet and Profit and Loss Account ascertained by one or more Auditor or Auditors. 209. The Company at the first Ordinary Meeting in each year shall appoint an Auditor or Auditors to hold office until the first Ordinary Meeting in the following year and the following provisions shall have effect that is to say:- 1 If an appointment of Auditor is not made as aforesaid the Central Government may on the application of any member of the Company appoint an Auditor for the Current year and fix the remuneration to be paid to him by the Company for his services. 2 A Director or Officer of the Company or a partner of such Director or Officer or any person in the employ of such Director or Officer or any person indebted to the Company shall not be capable of being appointed an Auditor of the Company. And if any person after being appointed an Auditor becomes indebted to the Company his appointment shall thereupon be terminated. 3 A person other than a retiring Auditor shall not be capable of being appointed Auditor at an Ordinary Meeting unless notice of an intention to nominate that person to the office of Auditor had been given by a shareholder to the Company not less than fourteen days before the meeting and the Company shall send a copy of any such notice to the retiring Auditor and shall give notice thereof to the Shareholders either by advertisement or in any other mode allowed by the Articles not less than seven days before the meeting. Provided that if after notice of the intention to nominate an Auditor has been so given an Ordinary Meeting is called for a date fourteen days or less after the notice has been given the notice though not given within the time required by this provision shall be deemed to have been properly given for the purposes thereof and the notice to be sent or given by the Company may instead of being sent or given within the time required by this provision be sent or given at the same time as the notice of the Ordinary Meeting. 4 The Directors may fill any casual vacancy in the office of Auditor but while any such vacancy continues other than a vacancy arising under Sub-clause 2 hereof the surviving or continuing Auditor or Auditors if any may act. 210. The Remuneration of the Auditors shall be fixed by the Company in General Meeting except that the remuneration of any Auditors appointed to fill any casual vacancy may be fixed by the Directors. 211. 1 Every Auditor of the Company shall have a right of access at all times to the books of accounts and vouchers of the Company and shall be entitled to require from the Directors of the Company such information and explanation as may be necessary for the performances of the duties of the Auditors. 2 Auditors shall make a Report to the shareholders on the accounts examined by them and on every Balance Sheet and Profit and Loss Account laid before the Company in General Meeting during their tenure of office and the Report shall state: a Whether or not they have obtained all the information and explanations they have required and b Whether or not in their opinion the Balance Sheet and Profit and Loss Account referred to in the Report are drawn up in conformity with the law and Annexure to Notice Contd.

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44 c Whether or not such Balance Sheet exhibits a true and correct view of the state of the Company’s affairs according to the best of their information and the explanations given to them and as shown by the books of the Company and d Whether in their opinion books of accounts have been kept by the Company as required by Section 209 of the Act. 3 The Auditors shall be entitled to receive notice of and to attend any General Meeting of the Company at which any accounts which have been examined or reported on by them are to be laid before the Company and may make any statement or render any explanation they desire with respect to the accounts. 212. Every account of the Company when audited and approved by a General Meeting shall be conclusive except as regards any error discovered therein within three months next after the approval thereof. Whenever any such error is discovered within that period the account shall forthwith be corrected and thenceforth shall be conclusive. DOCUMENT AND NOTICES 213. 1 A document or notice may be served or given by the Company to any member either personally or by sending it by post to him to his registered address or if he has no registered address in India to the address if any within India supplied by him to the Company for serving documents or notices on him. 2 Where a document or notice is sent by post service of the document or notice shall be deemed to be effected by properly addressing preparing and posting a letter containing the document or notice provided that where a member has intimated to the Company in advance that the documents or notice should be sent to him under a certificate of posting or by registered post with or without acknowledgement due and has deposited with the Company a sum sufficient to defray the expenses of doing so service of the document or notice shall not be deemed to be effected unless it is sent in the manner intimated by the member and such service shall be deemed to have been effected in the cases of a Notice of a Meeting at the expiration of forty-eight hours after the letter containing the document or notice is posted and in any other case at the time at which the letter would be delivered in the ordinary course of post. 214. A document or notice advertised in a newspaper circulating in the neighborhood of the office shall be deemed to be duly served or sent on the day on which the advertisement appears on or to every member who has no registered address in India and has not supplied to the Company an address within India for the serving of documents on or the sending of notices to him. 215. A document or notice may be served or given by the Company on or to the joint-holders of a share by serving or by giving the document or notice on or to the joint-holder named first in the register of Members in respect of the share. 216. A document or notice may be served or given by the Company on or to the persons entitled to a share in consequence of the death or insolvency of a member by sending it through the post in prepaid letter addressed to them by name or by the title of representatives of the deceased or assignee of the insolvent or by any like description at the address if any in India supplied for the purpose by persons claiming to be so entitled or until such an address has been so supplied by serving the document or notice in any manner in which the same might have been given if the death or insolvency had not occurred. Annexure to Notice Contd.

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45 217. Document or notices of every General Meeting shall be served or given in a manner herein before authorized on or to a member b every person entitled to a share in consequence of the death or insolvency of a member and c the Auditor or Auditors for the time being of the Company. 218. Any notice required to be given by the Company to the members or any of them and not expressly provided for by these presents shall be sufficiently given if given advertisement. 219 . Any notice required to be or which may be given by advertisement shall be advertised atleast in one newspaper circulating in the city town or village where the Office is situated. 220. Any notice given by advertisement shall be deemed to have been given on the day on which the advertisement shall first appear. 221. Every person who by operation of law transfer or other means whatsoever shall become entitled to any share shall be bound by every document or notice in respect of such share which previously to his name and address being entered on the Register of Members shall have been duly served on or given to the person from whom he derives his title to such shares. 222. Any notice or document delivered or sent by post to or left at the registered address of any member in pursuance of these presents shall notwithstanding such member be then deceased and whether not the Company have notice of his or her death be deemed to have been duly served in respect of any registered share whether held solely or jointly with other persons by such member until some other person be registered in his stead as the holder or joint-holder thereof and such service shall for all purposes of these presents be deemed a sufficient service of such notice or document on his or her heirs executors or administrators and all persons if any jointly interested with him or her in any such share. 223. Any document or notice may be served or given by the Company may be signed by a Director or some person duly authorized by the Board of Directors for such purpose and the signatures may be written printed or lithographed. 224. In the event of a winding-up of the Company every member of the Company who is not for the time being in the city town or village where the office is situated shall be bound within eight weeks after the passing of an effective resolution to wind up the Company voluntarily or the making of an order for the winding-up of the Company to serve notice in writing on the Company appointing some house-holder residing in the city town or village where the Office is situated upon whom all summons notices processes order and judgements in relation to or under the winding-up of the Company may be served and in default of such nomination the liquidator of the Company shall be at liberty on behalf of such member to appoint some such person and service upon any such appointee whether appointed by the member or the liquidator shall be deemed to be good personal service on such member for all purposes and where the liquidator makes any such appointment he shall with all convenient speed give notice thereof to such member by advertisement in some daily newspaper circulating in the city town or village where the Office is situated or by a registered letter sent through the post and addressed to such member at his address as mentioned in the register of members of the Company and such notice shall be deemed to be served on the day following that on which the advertisement appears or the letter is posted. The provisions of this Articles shall not prejudice the right of the Liquidator of the Company to serve any notice or other document in any other manner prescribed by the regulations of the Company. Annexure to Notice Contd.

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46 225. All documents or notice to be served or given by members on or to the Company or any Officer thereof shall be served or given by sending it to Company or Officer at the office by the post under a certificate of posting or by registered post or by leaving it at the office. RECONSTRUCTION 226. On any sale of the undertaking of the Company the Directors or the Liquidators on a winding-up may if authorized by a Special Resolution accept fully paid or partly paid up shares debentures or securities of any other company whether incorporated in India or not either then existing or to be formed for the purchase in whole or in part of the property of the Company and the Directors if the profit of the Company permit or the Liquidators in winding-up may distribute such shares or securities or any other property of the Company amongst the members without reservation or vest the same in trustees for them and any Special Resolution may provide for the distribution or appropriation of the cash shares or other securities benefits or property otherwise than in accordance with the strict legal rights of the members or contributories of the Company and for valuation of any such securities or property at such price and in such manner as the meeting may approve and all holders of shares shall be bound to accept and shall be bound by any valuation of any such securities or property at such price and in such manner as the meeting may approve and all holders of shares shall be bound to accept and shall be bound by any valuation or distribution so authorised and waive all rights in relation thereto save only in case the Company is proposed to be or is in the course of being wound up such statutory rights if any under Section 494 of the Act as are incapable of being varied or excluded by these presents. WINDING UP 227. If the Company shall be wound up and the assets available for distribution among the members as such shall be insufficient to repay the whole of the paid-up capital such assets shall be distributed so that as nearly as may be the losses shall be borne by the members in proportion to the Capital paid-up or which ought to have been paid up at the commencement of the winding-up on the shares held by them respectively. And if in a winding-up the assets available for distribution among the members shall be more than sufficient to repay the whole of the capital at the commencement of the winding-up paid-up or which ought to have been paid up on the shares held by the shares held by them respectively. But this Article is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions. 228. The liquidator on any winding up whether voluntary under supervision or compulsory may with the sanction of a Special Resolution but subject to the rights attached to any preference share capital divide among the contributories in specie any part of the assets of the Company and may with the like sanction vest any part of the assets of the Company in trustees upon such trusts for the benefit of the contributories as the Liquidator with the like sanction shall think fit. INDEMNITY AND RESPONSIBILITY 229. Every officer or agent for the time being of the Company shall be indemnified out of the asset of the Company against all liabilities incurred by him in defending any proceedings whether civil or criminal in which judgment is given in his favour or in which he is acquitted or discharged or in connection with any application under Section 633 of the Act in which relief is granted to him by the Court.

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47 SECRECY CLAUSES 230. a Every Director Manager Auditor Treasurer Trustee member of Committee Officer Servant Agent Accountant or other persons employed in the business of the Company shall if so required by the Directors before entering upon his duties sign a declaration pledging himself to observe strict secrecy respecting all transactions and affairs of the Company with the customers and state of accounts with individuals and in matters relating thereto and shall by such declaration pledge himself not to reveal any of the matters which may come to his knowledge in the discharge of his duties except when required so to do by the Directors or by Law or by the person to whom such matters relate and except so far as may be necessary in order to comply with any of the provisions in these presents contained. b No member shall be entitled to visit or inspect any work of the Company without the permission of the Directors or to require discovery of or any information respecting any detail of the Company’s trading or any matter which is or may be in the nature of a trade secret or secret mystery of trade secret process or any other matter which may relate to the conduct of the business of the Company and which in the opinion of the Directors it would be inexpedient in the interest of the Company to disclose.

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